{"id":1658568,"date":"2022-09-26T13:38:02","date_gmt":"2022-09-26T17:38:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1658568"},"modified":"2022-09-26T13:38:15","modified_gmt":"2022-09-26T17:38:15","slug":"stocks-open-lower-on-monday-sp-500-heads-for-new-2022-closing-low","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-open-lower-on-monday-sp-500-heads-for-new-2022-closing-low\/","title":{"rendered":"Stocks Open Lower on Monday &#8211; S&#038;P 500 Heads for New 2022 Closing Low"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstocks-open-lower-on-monday-sp-500-heads-for-new-2022-closing-low%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1658568&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div>\n<header class=\"LiveBlogHeader-articleHeader\" id=\"main-article-header\">\n<div class=\"LiveBlogHeader-headerContentContainer\">\n<div class=\"LiveBlogHeader-wrapperHeroNoImage LiveBlogHeader-wrapperHero LiveBlogHeader-wrapper LiveBlogHeader-wrapperNoImage\">\n<div class=\"LiveBlogHeader-liveUpdatesPill\">\n<p>LIVE UPDATES<\/p>\n<\/div>\n<div class=\"LiveBlogHeader-timestampAndShareBarContainer\">\n<div class=\"LiveBlogHeader-timeHidden\"><time data-testid=\"lastpublished-timestamp\">Updated Mon, Sep 26 20221:27 PM EDT<\/time><\/div>\n<div class=\"SocialShare-socialShare\" data-test=\"SocialShare\" id=\"social-buttons-transporter\"><span class=\"SocialShare-socialShareText\">Share<\/span><button class=\"SocialShare-socialShareButton\" data-test-pro=\"false\" data-test-ic=\"false\"><span class=\"SocialShare-socialShareLabel\">Share Article via Facebook<\/span><\/button><button class=\"SocialShare-socialShareButton\" data-test-pro=\"false\" data-test-ic=\"false\"><span class=\"SocialShare-socialShareLabel\">Share Article via Twitter<\/span><\/button><button class=\"SocialShare-socialShareButton\" data-test-pro=\"false\" data-test-ic=\"false\"><span class=\"SocialShare-socialShareLabel\">Share Article via LinkedIn<\/span><\/button><button class=\"SocialShare-socialShareButton\" data-test-pro=\"false\" data-test-ic=\"false\"><span class=\"SocialShare-socialShareLabel\">Share Article via Email<\/span><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/header>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"FeaturedContent-articleBody\" id=\"LiveBlogArticle-featuredContent-3\" data-module=\"featuredContent\" data-test=\"featuredContent-0\" data-analytics=\"LiveBlogArticle-featuredContent-3-0\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107124225\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000265182\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\">\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>The Dow Jones Industrial Average fell on Monday as the S&#038;P 500 headed for a new closing low for the year amid surging interest rates and foreign currency turmoil.<\/p>\n<p>The Dow dropped 424 points, or 1.4%. The S&#038;P 500 declined 1.3%, and the Nasdaq Composite slipped 0.6%.<\/p>\n<p>The British pound <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/sterling-hits-record-low-against-the-dollar-as-other-asia-pacific-currencies-weaken.html\">dropped to a record low<\/a> on Monday against the U.S. dollar, falling 4% at one point to an all-time low of $1.0382. The pound has since come off its worst levels on speculation that the <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/bank-of-england-monitoring-markets-very-closely-after-pound-falls.html\">Bank of England may have to raise rates more aggressively<\/a> to tamp down inflation.<\/p>\n<p>The Federal Reserve&#8217;s aggressive hiking campaign, coupled with U.K.&#8217;s tax cuts announced last week has caused the U.S. dollar to surge. The euro hit the lowest versus the dollar since 2002. A surging greenback can hurt the profits of U.S. multinationals and also wreak havoc on global trade, with so much of it transacted in dollars.<\/p>\n<p>&#8220;Such U.S. dollar strength has historically led to some kind of financial\/economic crisis,&#8221; wrote Morgan Stanley&#8217;s Michael Wilson, chief U.S. equity strategist, in a note. &#8220;If there was ever a time to be on the lookout for something to break, this would be it.&#8221;<\/p>\n<p>The S&#038;P 500 is on track for a new 2022 closing low as it dipped below the June closing low of 3,666.77 during Monday afternoon trading. It closed Friday at 3,693.23 after trading briefly below that level. The benchmark&#8217;s intraday low for the year is 3,636.87.<\/p>\n<p>On Friday, stocks ended a brutal week with the blue-chip Dow <a href=\"https:\/\/www.cnbc.com\/2022\/09\/22\/futures-inch-higher-following-another-day-of-losses-after-fed-rate-hike-sell-offs.html\">finding a new intraday low for the year<\/a> and closing lower by 486 points. The broad-market S&#038;P 500 temporarily broke below its June closing low and ended down 1.7%. The tech-heavy Nasdaq Composite lost 1.8%.<\/p>\n<p>Another super-sized rate hike by the Federal Reserve last week was the catalyst for the latest leg downward in markets. The central bank indicated it could raise rates as high as 4.6% before pulling back. The forecast also shows the Fed plans to be aggressive this year, hiking rates to 4.4% before 2022 ends.<\/p>\n<p>Bond yields soared after the Fed enacted another rate hike of 75 basis points. The 2-year and 10-year Treasury rates hit highs not seen in over a decade. On Friday, Goldman Sachs <a href=\"https:\/\/www.cnbc.com\/2022\/09\/23\/goldman-cuts-year-end-sp-500-target-to-3600-sees-it-falling-even-further-in-hard-landing.html\">slashed its year-end target<\/a> for the S&#038;P 500 to 3,600 from 4,300.<\/p>\n<p>Rates were surging again on Monday with the 2-year Treasury topping 4.29% at one point in the day.<\/p>\n<\/div>\n<\/div>\n<div class=\"LiveBlogBody-articleBody\" id=\"LiveBlogArticle-LiveBlogBody-4\" data-module=\"LiveBlogBody\" data-test=\"liveBlogBody-1\" data-analytics=\"LiveBlogArticle-liveBlogBody-4-1\">\n<div class=\"LiveBlogBody-postContainer\">\n<div id=\"107124451-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">24 Min Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Stocks making the biggest moves midday: Wynn, AMC, Lyft and more<\/h2>\n<\/div>\n<div id=\"107124445-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">36 Min Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">JPMorgan&#8217;s Kolanovic says a market bottom could be close<\/h2>\n<div class=\"group\">\n<p>JPMorgan&#8217;s Marko Kolanovic believes the market could be close to a bottom after the Fed-triggered sell-off pushed stocks into &#8220;very oversold&#8221; conditions.<\/p>\n<p>&#8220;While the market has now settled into a view that Fed will continue with outsized hikes, we don&#8217;t believe one should keep extrapolating the hawkish policy stance direction,&#8221; the bank&#8217;s chief global markets strategist\u00a0said in a Monday note.<\/p>\n<p>Kolanovic, one of the biggest bulls on Wall Street, said he&#8217;s seeing some encouraging signs on the inflation front. Still, he noted that volatility will likely stay elevated until the next set of inflation reports.<\/p>\n<p>&#8220;Some pre-conditions for a market bottom are falling into place: stocks are looking increasingly cheap and approaching deep-value outside of the US, and positioning is extremely depressed,&#8221; Kolanovic said.<\/p>\n<p><em>\u2014 Yun Li<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124390-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">1 Hour Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Real estate and utilities are the biggest laggards in the S&#038;P 500<\/h2>\n<div class=\"group\">\n<p>Real estate and utilities were the two biggest laggards in the S&#038;P 500 during Monday trading, with the sectors down 3.1% and 2.5% during Monday trading.<\/p>\n<p>Shares of real estate companies <a href=\"https:\/\/www.cnbc.com\/quotes\/VTR\">Ventas<\/a> and <a href=\"https:\/\/www.cnbc.com\/quotes\/KIM\">Kimco Realty<\/a> were the two worst performing stocks in the broader market index, falling 5% and 4.8%.<\/p>\n<p>Utilities companies <a href=\"https:\/\/www.cnbc.com\/quotes\/AES\" target=\"_blank\" rel=\"noopener\">AES<\/a> and <a href=\"https:\/\/www.cnbc.com\/quotes\/FE\" target=\"_blank\" rel=\"noopener\">First Energy<\/a> declined 4.5% and 3.3% each.<\/p>\n<p><em>\u2014 Sarah Min<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124397-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">2 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Pound comes off lows after Bank of England hints at rate action<\/h2>\n<div class=\"group\">\n<p>The British pound, whose weakness had been weighing on stocks for much of Monday&#8217;s session, came off its lows after the Bank of England signaled an aggressive approach to controlling inflation.<\/p>\n<p>In a <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/bank-of-england-monitoring-markets-very-closely-after-pound-falls.html\">statement released late-morning<\/a> New York time, the central bank&#8217;s Monetary Policy Committee stopped short of an intermeeting interest rate hike. But it said it will &#8220;make a full assessment&#8221; of the pound&#8217;s fall &#8220;and act accordingly&#8221; at its next gathering.<\/p>\n<p>&#8220;The MPC will not hesitate to change interest rates by as much as needed to return inflation to the 2% target sustainably in the medium term, in line with its remit,&#8221; the statement said.<\/p>\n<p>As the market digested the remarks, the pound rebounded to nearly $1.07 against the U.S. dollar after falling as low as $1.04 earlier. A stronger dollar can hit U.S. stocks as it raises costs for multinational companies.<\/p>\n<p><em>\u2014Jeff Cox<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124344-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">3 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Consumer discretionary, tech sectors lend support to the market<\/h2>\n<div class=\"group\">\n<p>Shares of consumer discretionary and tech companies helped curtail losses in the S&#038;P 500 in morning trading.<\/p>\n<p>The consumer discretionary sector added 1.8% around 10:15 a.m., propelled by gains in Wynn Resorts and Las Vegas Sands. Shares of the casino names were up by double digits after news that China would allow group tours in Macau, easing Covid travel restrictions.<\/p>\n<p>The tech sector also jumped 1.3%, driven by Enphase Energy and Ceridian. Shares of both companies were up more than 2%.<\/p>\n<p>The S&#038;P 500 ticked up by 0.5% in volatile trading.<\/p>\n<p>\u00ad<em>-Darla Mercado<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124325-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">3 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Fed&#8217;s Collins cites need for &#8216;clear and convincing signs&#8217; that inflation is falling<\/h2>\n<div class=\"group\">\n<p>Boston Federal Reserve President Susan Collins said Monday she will need to see concrete evidence that inflation is slowing before easing up on interest rate increases.<\/p>\n<p>&#8220;Returning inflation to target will require further tightening of monetary policy,&#8221; Collins said in prepared remarks. &#8220;It will be important to see clear and convincing signs that inflation is falling, and I will continue to assess the range of incoming data, both quantitative and qualitative, as inputs to my future policy determinations.&#8221;<\/p>\n<p>The Fed last week approved its third consecutive <a href=\"https:\/\/www.cnbc.com\/2022\/09\/21\/fed-rate-hike-september-2022-.html\">0.75 percentage point interest rate hike<\/a> in an effort to quell inflation running near its fastest pace since the early 1980s. Markets are expecting to see another hike of similar proportions at the next meeting in early November.<\/p>\n<p>Echoing comments Sunday from Atlanta Fed President Raphael Bostic, Collins thinks the Fed can pursue its inflation-fighting policy without sinking the economy.<\/p>\n<p>&#8220;There are reasons to be somewhat more optimistic about the ability to achieve the necessary slowing of demand without leading to a significant downturn, this time around,&#8221; she said. &#8220;Household and business balance sheets are considerably stronger than in previous tightening cycles, reducing the risk of a significant retrenchment in spending and investment as interest rates rise.&#8221;<\/p>\n<p>Other Fed speakers on tap Monday include Bostic, Dallas Fed President Lorie Logan and Cleveland&#8217;s Loretta Mester.<\/p>\n<p><em>\u2014Jeff Cox<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124319-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">4 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Powell owes &#8220;American people an apology,&#8221; Siegel says<\/h2>\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107124271\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000265186\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/107124272-16641955291664195526-25669888150-1080pnbcnews.jpg\" alt=\"The dollar is showing how tight the Fed actually is, says Wharton&#039;s Jeremy Siegel\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Wharton professor Jeremy Siegel criticized the Federal Reserve on Monday, saying that the central bank was &#8220;talking way too tough&#8221; on inflation now after being too slow to pivot to tighter policy earlier in the cycle.<\/p>\n<p>&#8220;Honestly, I think Chairman Powell should offer <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/whartons-siegel-says-jerome-powell-owes-the-american-people-an-apology-for-poor-fed-policy.html\">the American people an apology<\/a> for such poor monetary policy that he has pursued, and the Fed has pursued, over the past few years,&#8221; Siegel said.<\/p>\n<p>Siegel said that he thinks the Fed is now at risk of causing a recession because it is not allowing the rate hikes it has already implemented to work their way into inflation data. The professor added that worker wages appear to be a &#8220;catch up&#8221; rather than a driver of inflation.<\/p>\n<p><em>\u2014 Jesse Pound<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124266-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">5 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Fed&#8217;s Bostic says he doesn&#8217;t expect &#8216;deep, deep pain&#8217; for the economy<\/h2>\n<div class=\"group\">\n<p>Atlanta Federal Reserve President Raphael Bostic is holding out hope that the central bank can bring down runaway inflation without killing the economy.<\/p>\n<p>In an interview Sunday with CBS&#8217; &#8220;Face the Nation,&#8221; Bostic <a href=\"https:\/\/www.cnbc.com\/2022\/09\/25\/atlanta-fed-president-bostic-expects-job-losses-but-says-theres-a-really-good-chance-to-get-to-2percent-inflation-without-killing-the-economy.html?&amp;qsearchterm=bostic\">acknowledged that raising interest rates<\/a> will slow the economy and likely cause job losses. But he doesn&#8217;t think that means the economy will sink into a deep recession.<\/p>\n<p>&#8220;We need to have slow down. There&#8217;s no question about that,&#8221; he told host Margaret Brennan. &#8220;But I do think that we&#8217;re going to do all that we can at the Federal Reserve to avoid deep, deep pain. And I think there are some scenarios where that&#8217;s likely to happen.&#8221;<\/p>\n<p>Fed Chairman Jerome Powell last month said he expects &#8220;some pain&#8221; to coincide with the central bank&#8217;s tightening efforts, which have included five interest rate hikes this year totaling 3 percentage points.<\/p>\n<p><em>\u2014Jeff Cox<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124250-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">5 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">CFRA&#8217;s Sam Stovall says the S&#038;P 500 is ready for a relief rally<\/h2>\n<div class=\"group\">\n<p>CFRA&#8217;s Sam Stovall says the S&#038;P 500 is ready for a relief rally after <a href=\"https:\/\/www.cnbc.com\/2022\/09\/22\/futures-inch-higher-following-another-day-of-losses-after-fed-rate-hike-sell-offs.html\">Friday&#8217;s moves<\/a> pointed to oversold conditions.<\/p>\n<p>&#8220;[Whenever] the S&#038;P Composite 1500, which consists of the S&#038;P 500, MidCap 400, and SmallCap 600 Indices, experienced a near total absence of its sub-industries trading above both their 10-week (50-day) and 40-week (200-day) moving averages, as was the case on Friday, June 17, the low for the decline had been set,&#8221; CFRA&#8217;s Sam Stovall wrote in a Monday note.<\/p>\n<p>On Friday, none of the sub-industries were above their 10-week average and only 7% were higher than their 40-week average, or &#8220;exactly the same levels&#8221; as on June 17, according to the note.<\/p>\n<p>&#8220;With the 10- and 40-week breadth indicators now again at levels that traditionally indicated a very oversold condition, CFRA thinks the S&#038;P 500 and its constituent sectors and subindustries are ripe for a relief rally. The only question is whether the rally will have legs or get sold into,&#8221; Stovall wrote.<\/p>\n<p><em>\u2014 Sarah Min<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124242-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">5 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Sell-off for the pound, British debt hitting key historical levels<\/h2>\n<div class=\"group\">\n<p>The big moves in the UK currency and bond markets may be reaching technical oversold levels, according to Peter Boockvar of Bleakley Advisory Group.<\/p>\n<p>&#8220;The dramatic plunge in the pound and Gilts is unbelievable and to the point where at least the pound is likely a buy. The 14 day [Relative Strength Index] is down to just 15 and the 7 day is at just 8. The 14 day is matching the lowest since March 2020 and January 2016 before that which was a few months before the Brexit vote,&#8221; Boockvar wrote in a note on Monday.<\/p>\n<p>The latest moves come after the British government announced a new mini-budget that includes tax cuts and additional spending, but those moves could prove to smart long-term, Boockvar said.<\/p>\n<p>&#8220;I get the budget blowout of very expensive energy subsidies at the same time taxes will be cut across the board (preventing the corporate rate from going up, cutting the high top tax rate, reducing the stamp tax, eliminating the bonus cap for bankers, etc&#8230;) but these are all steps that will make the UK very long term competitive which would in turn invite a lot of investment,&#8221; Boockvar wrote.<\/p>\n<p><em>\u2014 Jesse Pound<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124228-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">6 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">These are Monday\u2019s biggest analyst calls<\/h2>\n<div class=\"group\">\n<p>Here are the biggest calls on Wall Street on Monday.<\/p>\n<ul>\n<li>Planet Fitness \u2014 Shares jumped 4.2% in Monday premarket trading after Raymond James upgraded the fitness center company to strong buy from market perform, saying Planet Fitness is in great shape after a drawdown.<\/li>\n<li>Lyft \u2014 The ride-hailing stock declined 3.9% in the premarket after UBS downgraded Lyft to neutral from buy, saying it&#8217;s skeptical that Lyft can deliver growth.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/here-are-mondays-biggest-analyst-calls-planet-fitness-lyft-and-more.html\">Read more analyst calls here.<\/a><\/p>\n<p><em>\u2014 Yun Li, Sarah Min<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124215-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">6 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">WTI falls to lowest point since January<\/h2>\n<div class=\"group\">\n<p>West Texas Intermediate futures fell to 77.21 on Monday, or its lowest level since early January. The WTI has advanced only 3.4% this year after closing at 75.21 on Dec 31, 2021.<\/p>\n<p>Brent crude <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/brent-crude-slides-below-85-a-barrel-as-dollar-surges.html\">declined to below $85 a barrel on Monday<\/a>. Brent futures for November hit a low of 84.51, or its lowest point since mid-January when it traded at 83.99.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"ChartSlate-chartSlateContainer\">\n<h3>Loading chart&#8230;<\/h3>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><em>\u2014 Sarah Min<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124161-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">6 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">VIX jumps to highest level since June<\/h2>\n<div class=\"group\">\n<p><a href=\"https:\/\/www.cnbc.com\/quotes\/.VIX\">The Cboe Volatility Index<\/a>, known as the VIX, jumped nearly 3 points to 32.70 on Monday, hitting its highest level since mid-June. The VIX looks at prices of options on the S&#038;P 500 to track the level of fear on Wall Street.<\/p>\n<p>The jump in VIX came as the sell-off in the stock market is set to deepen with S&#038;P 500 futures falling 0.8% in premarket trading.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed InlineImage-inlineInfographic\" id=\"ArticleBody-InlineImage-107124166\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper InlineImage-wrapperNoCaption\">\n<div class=\"InlineImage-imagePlaceholder\">\n<div><button class=\"InlineImage-closeEnlargedImage\">Arrows pointing outwards<\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><em>\u2014 Yun Li<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124151-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">8 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">European markets choppy; sterling slumps against the dollar<\/h2>\n<div class=\"group\">\n<p>European stocks were choppy on Monday as investors continued to weigh the deteriorating economic outlook in the region.<\/p>\n<p>The pan-European <a href=\"https:\/\/www.cnbc.com\/quotes\/.STOXX\">Stoxx 600<\/a> was down 0.2% by mid-morning in London, having recouped opening losses of roughly 0.6% before pulling back again. Utilities dropped 1.7% while tech stocks added 1.7%.<\/p>\n<p>The\u00a0British pound\u00a0plunged to a record low on Monday,\u00a0following last week&#8217;s announcement by the new U.K. government that it would\u00a0implement tax cuts and investment incentives to boost growth.<\/p>\n<p><em>&#8211; Elliot Smith<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124045-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">16 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">British pound drops to record low<\/h2>\n<div class=\"group\">\n<p>The <a href=\"https:\/\/www.cnbc.com\/quotes\/GBP=\">sterling<\/a> fell to a <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/sterling-hits-record-low-against-the-dollar-as-other-asia-pacific-currencies-weaken.html\">record low in Asia&#8217;s morning,<\/a> briefly shedding more than 4% to $1.0382.<\/p>\n<p>It later recovered slightly to $1.0513.<\/p>\n<p>The <a href=\"https:\/\/www.cnbc.com\/quotes\/.DXY\">dollar index<\/a> \u2014 which trades against a basket of six currencies including the euro, yen and sterling \u2014 gained about 1%.<\/p>\n<p><em>\u2014 Abigail Ng<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124107-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">11 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">U.S. Treasury yields jump as Asian markets tumble, 2-year Treasury hits 4.3%<\/h2>\n<\/div>\n<div id=\"107123328-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">13 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">CNBC Pro: Asset manager says one FAANG stock looks &#8216;very attractive&#8217; in the medium term<\/h2>\n<\/div>\n<div id=\"107124040-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">18 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Stocks prepare to test their lows in the final week of trading for September<\/h2>\n<div class=\"group\">\n<p>Heading into the final week of trading for September, the Dow and S&#038;P 500 are each down about 6% for the month, while the Nasdaq has lost 8%.<\/p>\n<p>Both the Dow and S&#038;P are now sitting 1.2% and 1.6%, respectively, above their lows from mid-June. The Nasdaq is 2.9% above its low.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"ChartSlate-chartSlateContainer\">\n<h3>Loading chart&#8230;<\/h3>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><em>\u2014 Tanaya Macheel<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124039-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">19 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Fear often leads to short-term bottoms, says Truist&#8217;s Lerner<\/h2>\n<div class=\"group\">\n<p>Investors are mentally preparing to see the S&#038;P 500 test its low of the year, and that could mean a shorter-term bottom, according to Truist&#8217;s chief market strategist Keith Lerner.<\/p>\n<p>&#8220;The increased probability of breaking the June S&#038;P 500 price low may be what it takes to invoke even deeper fear,&#8221; Lerner said in a note. &#8220;Fear often leads to short-term bottoms. Importantly, as we saw in June, even if the market overshoots, snapbacks can be sharp and hard to time.&#8221;<\/p>\n<p>He added that with extreme selling having already taken place and stocks being oversold, it&#8217;s not the time to press a negative view.<\/p>\n<p>&#8220;In August, we had been advocating to reduce equities in the 4200-4300 range for the S&#038;P 500 and a continued focus on increasing quality in portfolios,&#8221; he said. &#8220;In our view, the challenging macro environment is here to stay. This is not the time to be on offense. However, it doesn&#8217;t make sense to pile on to the negativity in the short term and become even more defensive after a large selloff has already occurred.&#8221;<\/p>\n<p><em>\u2014 Tanaya Macheel<\/em><\/p>\n<\/div>\n<\/div>\n<div id=\"107124038-post\" class=\"LiveBlogBody-post\">\n<div class=\"group LiveBlogBody-postTimestamp\">\n<div class=\"LiveBlogTimestamp-liveBlogTimeStamp\">\n<div class=\"LiveBlogTimestamp-timeHidden\"><time data-testid=\"lastpublished-timestamp\">19 Hours Ago<\/time><\/div>\n<\/div>\n<\/div>\n<h2 class=\"LiveBlogBody-subtitle\">Futures open lower in pre-market trading<\/h2>\n<div class=\"group\">\n<p>Stock futures opened little changed on Sunday evening after the major averages suffered steep losses in the previous week, as Federal Reserve policy, surging interest rates and foreign currency turmoil spooked investors.<\/p>\n<p>Futures tied to the Dow Jones Industrial Average were down by just 40 points, while S&#038;P 500 futures and Nasdaq 100 futures fell 0.1%. Futures tied to all three of the major averages quickly fell much lower soon after premarket trading began.<\/p>\n<p><em>\u2014 Tanaya Macheel<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>LIVE UPDATES  Updated Mon, Sep 26 20221:27 PM EDT ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare<\/p>\n","protected":false},"author":1,"featured_media":1658570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1658568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1658568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1658568"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1658568\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1658570"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1658568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1658568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1658568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}