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Risk-on rebound: Oil slides, Tields ease, and growth names come roaring back
Developing
In Short: Investors returned to the market after a brief panic, driving up stocks and bonds in a 'risk on' rally.
Investors quickly rebounded from a brief market panic following Kevy Warsh’s hawkish rate hike message, with stocks and bonds rallying together in a 'risk on' reaction.
The market’s swift recovery was fueled by a drop in oil prices, which helped ease concerns over inflation.
The growth trade outperformed the value trade, gaining 1.5% compared to the value trade’s 0.6% increase.
Other sectors also saw gains, including Consumer Discretionary names up 1.1%, Utilities up 0.9%, and Energy up 0.7%. Healthcare and Basic Materials each gained 0.6%, Real Estate was up 0.3%, and Consumer Staples and Industrials each added 0.2%.
What's still developing
- Overall housing starts fell 2.6% in August vs. the expected increase of 6.7%.
- Technology led the charge, gaining 2.2%, while the semiconductor index surged 3.1%, Disruptive Tech added 4.5%, Software was up 0.8%, Cybersecurity gained 1.4%, Memory names were up 4.4% while Quantum names gained 8+%.
Sources
- FXStreetlink