Anniversary jitters anyone? Thursday marks 36 years since Black Monday KO’d global markets, with some sharing it-could-happen-again charts, as rising bond yields keep pulling the stock market off balance.
Before we get to that, it’s worth reflecting on what widely followed investor and hedge-fund manager Stanley Druckenmiller had to say about why central banks factor importantly in your investments. . What investors tend to forget, crucially, is that the Fed is a “supertanker that takes a long time to start and stop,” says Muir. And it doesn’t shift direction due to a couple of data points, but rather looks at the whole enchilada and figures out “gradual starts and stops.”
A more dovish Fed may not be a green light to buy stocks, said Muir, though he’s considering buying some inflation protected bonds and gold and selling the dollar, and he’s also not sure how bond yields will react due to so many variables. “However, I don’t think betting on a hawkish Powell is the correct play.”
Tesla shares TSLA, -4.78% initially shook off earnings disappointment, but fell after CEO Elon Musk said the Cybertruck would take 18 months to turn into a “cash-flow contributor.”Netflix shares NFLX, -2.68% are up 10% after a big jump in subscribers and price hikes. Disney DIS, -1.76% offered a peek at its ESPN financials, and analysts were relieved by what they saw.
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