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Federal Reserve Meeting Anticipated Amid Rising Market Volatility
October 29, 2023
The Approaching Federal Reserve Meeting
Investors should prepare for a busy week ahead, with the Federal Reserve anticipated to convene on Wednesday. The general viewpoint among specialists is that the Federal Reserve will maintain the federal funds rate, which currently stands between 5.25% and 5.5%. However, Damir Tokic – an analyst – diverges from this mainstream belief, stating that contemporary economic details do not necessarily support the idea of preserving rates as they are. He proposes that a potential reaction from the S&P 500 index could be seen if the “10-year yields increase above 5%” and the rate stagnates.
Impact and Implications of Economic Factors
Simultaneously, Shareholders Unite’s Investing Group Leader made a case for immaculate disinflation, discussing its benefits and also highlighting the risks tied to over-tightening by Federal Reserve and soaring bond yields. As we venture into the coming week, it’s expected that market attention will pivot towards forthcoming employment data – including ADP job updates, JOLTS reports, data on non-farm payrolls, and Challenger job cuts report – these information will give further enlightenment on how the economy continues to progress.
Stock Market Volatility and Observations
Regarding stocks valuation, there has been an evident increase in short interest for companies like Novavax (NVAX), Fisker (FSR) and Beyond Meat (BYND). An apparent surge has also been noticed in options trading volumes associated with Sportsman’s Warehouse (SPWH) and Ebix (EBIX). Based on data from 14-day Relative Strength Index dataset, Willis Towers Watson (WTW) and Splunk (SPLK) are currently considered as most overbought stocks while Blackstone (BX), Goldman Sachs (GS) and Old Dominion Freight Line (ODFL) are under the most oversold stocks category.
Updates on Quant Ratings
In addendum to these, it is noteworthy to mention that the quant ratings for several stocks have underwent some adjustments. Specifically for Palantir Technologies (PLTR), which has been promoted from ‘Hold’ to ‘Strong Buy’, nCino (NCNO) that is now rated as a ‘Buy’, up from ‘Hold’, and Tower Semiconductor (TSEM); its rating was downgraded from “Sell” to ‘Hold’.