On Wednesday, September 28th, Eastern Time, although the market is still worried about the Fed’s violent interest rate hike and the most likely economic recession, with the dovish speech of Fed officials and the Bank of England’s announcement of “unlimited” long-term bonds to “rescue the market”. As a result, market sentiment has improved significantly compared with the previous few days. U.S. bond yields fell, U.S. stocks rose in a straight line, and finally closed up. The Dow and S&P ended their six-day losing streak and rebounded from their lows in the past two years. As of the close, the Dow Jones rose 1.88% to 29,683.74 points; the S&P 500 rose 1.97% to 3,719.04 points; the Nasdaq rose 2.05% to 11,051.64 points.

 

MACRO

US Markets snapped its 6-day losing streak to close in the green following the Bank of England’s intervention

EU Markets rebounded after the Bank of England’s decision to pause the sale of gilt, while purchasing bonds for two weeks

Asia Markets were down, with the Hang Seng Index leading losses while the Chinese yuan reached its weakest level since 2008  

 

SECTORS

Gold rose 2% overnight, trading above $1,655/oz at time of writing on the back of a softer dollar

WTI Crude Oil rose 5% overnight, due to a drawdown in US fuel and crude stocks and a weakening dollar

 

COMPANY

Apple tumbled 3% at one point following reports that the company is no longer planning to boost new iPhone production

DocuSign jumped 5% after announcing it would remove 9% of its workforce as part of a broader restructuring

Paychex climbed 3.5% after earnings and revenue beat forecast while raising its 2022 outlook

Biogen soared 39% following positive results from its Alzheimer’s drug study alongside brokers’ upgrades

 

EVENTS 

Today’s Earnings:

• Nike (NKE.US)
• Concentrix (CNXC.US)
• Micron (MU.US)

 

Economic Calendar (30 September 2022)

• China NBS Manufacturing PMI
• US Personal Income MoM (September)

 

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