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Search resuls for: "Michael Antonelli"


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Worries about rising bond yields and a strengthening dollar dragged down stocks Monday. Rising yields have hurt stocks recently, stoking concerns that they could slow the economy by increasing borrowing costs for businesses and consumers. All three major indexes were down more than 1%, with the blue-chip Dow shedding nearly 400 points. The 10-year Treasury yield settled at 4.558%, its highest level since Oct. 16, 2007. The WSJ Dollar Index edged up, extending recent gains that have brought it to its highest level since last November.
Persons: , Michael Antonelli, Baird, Brent Organizations: Treasury, Moody's, Amazon, Federal Trade Commission Locations: U.S, Europe
On the heels of Tuesday's lower-than-expected inflation reading, the Federal Reserve is expected to tap the brakes Wednesday on its aggressive rate-raising plan designed to cool price growth in the U.S. economy. In addition to the slower price growth, layoff announcements are mounting. Notably, demand for bonds has increased, reflecting growing interest in more stable returns that are often correlated with slower economic growth. Out with inflation worries, in with recession fearsKey stock market gauges, meanwhile, continue to decline on concerns about flagging corporate earnings. If it was still worried about inflation, then interest rates, energy and banks would all be higher.
A split government "makes major policy changes unlikely, and that stability in policy tends to be reassuring for investors." Still, macroeconomic concerns and monetary policy have driven markets all year, and investors believe that trend is unlikely to change anytime soon. "Inflation matters more than anything else right now," said Michael Antonelli, managing director and market strategist at Baird. In the last five instances when the November-December period occurred in a bear market, the S&P 500 logged an average two-month decline of 2.2%. If you look at bear markets there is no evidence of seasonality at the end of the year," Antonelli said.
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