Investors braced for another stomach-churning session as stocks fell sharply in early trading Monday. However, as on Friday, where losses accelerated as the day progressed, today’s sell-off eased.
Federal Reserve Chairman Jerome Powell’s gloomy speech last week in Jackson Hole, Wyoming, appears to have had a lasting effect on Wall Street. “Powell didn’t break anything new in his comments and instead reiterated his position that the Fed is 1) trying to keep up with demand and 2) keeping an eye on inflation,” said Brent Schutt, chief investment officer at Northwest Mutual Wealth Management. The Fed chief said he was “more straightforward” about the central bank’s commitment to fighting inflation, saying it was prepared to maintain its aggressive rate hike stance as long as needed, “even if it hurts the economy and households.” .”
Technology (-1.3%) was the worst performing sector on Monday, pushed lower by semiconductor stocks. Advanced Micro Devices (AMD, -3.0%) and Nivea (NVDA, -2.8%) Meanwhile, Energy reserves (+ 1.5%) showed as an advantage. US crude futures It rose 4.2% to $97.01 per barrel.
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Looking at major indexes, tech-heavy Nasdaq CompositeIn a session low of 1.3%, it ended the day down 1.0% at 12,017. of S&P 500 index It fell 0.7% to 4,030 and Dow Jones Industrial Average It returned 0.6% to 32,098.
Other news on the stock market today:
- Small-cap Russell 2000 Down 0.9% to 1,882.
- Gold futures It posted a marginal loss ending at $1,757.90 an ounce.
- Bitcoin It fell 2.6% to $20,101.84. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Netflix ( NFLX ) rose 0.6% after a Bloomberg report indicated the streaming giant is poised to begin an ad-supported phase-out. The new plan will cost $7 to $9 a month and will initially include about four minutes of ads for every hour of content, Bloomberg reported.
- Honda Motor Company (HMC) In a $4.4 billion project expected to start early next year, the car company has acquired 1.8% in cooperation with Korea’s LG Energy Solutions to build a battery manufacturing plant for electric vehicles in the US. Batteries expected by the end of 2025.
Hedge funds’ favorite blue-chip stocks
“What’s the smart money doing?” This is a question we try to answer every quarter through regulatory filings. The point is not to precisely copy the movements of hedge funds, institutional investors, and high net worth individuals. Rather, it’s done as a learning exercise – to see what they’re doing with their money, especially during periods of market volatility, with access to research that’s often unavailable to the average retail investor.
For example, Warren Buffett took advantage of the second-quarter stock market selloff to negotiate existing positions in Berkshire Hathaway’s equity portfolio.
Of hedge funds, he said, “They’ve cut leverage, gone back to growth stocks, and increased portfolio concentration in stocks they like. [in Q2]”The portfolio strategy team at Goldman Sachs Global Investment Research opined. Hedge funds are particularly focused on blue-chip stocks. Here, we look at the 21 most-held stocks among deep-pocketed and broad-based hedge funds. Resources in Q2. See.
