S&P 500 reverts to the pre-Fed rate hike, which started over a year ago
Per Business Insider
The Fed rate hike had massive impacts on the stock market, with the S&P 500 falling significantly. Still, as of recently, all of the losses it sustained during the aggressive rate hike were erased as the stock market saw bullish movement.
This reportedly erased all the losses the S&P 500 sustained since March 2022, when Jerome Powell started what was described as "one of the most aggressive policy campaigns ever."
This came as the S&P 500 reached 4,372.59, higher than its 4,357.86 mark on March 16, 2022. The report by Business Insider noted two reasons for the bullish movement.
The first one detailed strong earnings, while the second was AI hype.
This came as companies like NVIDIA achieved new feats, like becoming the first chipmaker to hit over $1 trillion in market value. The company was one of the names that were able to greatly benefit from the surge in AI.
At the start of the year, Stifel noted that the S&P 500 would gain almost nothing in the next decade. This comes as others have argued differently. During that time, a poll by the WSJ found that out of 1,500 registered voters, 66% of respondents said that things were heading wrong.
See flow at unusualwhales.com/flow.
Other News:
- NVIDIA becomes first chipmaker to hit a market value of over $1 trillion
- The S&P 500 will gain almost nothing in the next decade, Stifel has said
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