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Marketmind: Bears at the gate

EconomyJan 24, 2022 03:00AM ET

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Marketmind: Bears at the gate

© Reuters. FILE PHOTO: A Wall Street sign hangs on a signpost in front of the New York Stock Exchange August 5, 2011. REUTERS/Lucas Jackson/File Photo

A look at the day ahead from Julien Ponthus

With a 14% fall from its November peak, not only is the Nasdaq deep in correction territory, it is also now within striking distance of the 20% fall bar which defines a bear market.

And while a U.S. Federal Reserve tightening cycle could be expected to weaken tech and other growth sectors, market stress is actually spread throughout Wall Street.

The S&P 500 has just suffered its biggest weekly loss since the COVID-19 market crash of March 2020 and is less than 2% away from a correction.

Friday's selloff came against the backdrop of a sharp fall in U.S. Treasury yields, which seems to suggest expectations of higher interest rates may not be the only factor denting sentiment ahead of this week's Fed meeting.

Until now, markets have been fairly happy to ignore the simmering tensions between Russia and the West over Ukraine but this might be changing as President Joe Biden weighs options for boosting America's military assets in Eastern Europe.

In this context, stakes are building quickly for fourth-quarter earnings, especially after high-visibility stocks such as Netflix (NASDAQ:NFLX) and Goldman Sachs (NYSE:GS) disappointed investors.

Mega-caps due to update the market this week include IBM (NYSE:IBM), Microsoft (NASDAQ:MSFT) Tesla (NASDAQ:TSLA) and Apple (NASDAQ:AAPL).

As the week starts, stress is palpable across most markets -- MSCI's index of Asia-Pacific shares ex-Japan is down over 1% while South Korean shares posted their biggest drop in five weeks and European futures are in the red.

In the meantime the dollar index is ticking up and bitcoin down to $35,295, almost 50% down from its November peaks.

Key developments that should provide more direction to markets on Monday:

-US two year note auction ($54 bln)

-EU bond sale

-US earnings: Halliburton (NYSE:HAL), IBM, Logitech (NASDAQ:LOGI)

-European earnings: Dior, Swatch, Phillips

-Philips expects summer recovery from supply chain woes

-Germany's Lufthansa in talks to buy 40% stake in Italy's ITA Airways - sources

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Comments (2)

Church of Bear Market Jan 24, 2022 4:57AM ET

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Knock knock

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Sven Sorensen Jan 24, 2022 4:57AM ET

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Oh hey, i recently became a member of your religion. Lead me to the gates of valhalla

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Church of Bear Market Jan 24, 2022 4:57AM ET

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Sven Sorensen Start shorting stocks to purify your soul. Buy inverse etf:s. Under no circumstances look at the original Wall Street-movie for it instigates false feeling of bull market. If you are angry do not say the f-word but FAANG.

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Djjoshski martin Jan 24, 2022 4:22AM ET

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people who aren't buying nasdaq stocks rn is smart, wait for a bottom before risking your captiol

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Bhavesh Khemani Jan 24, 2022 4:22AM ET

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Waiting for the bottom? My friend no one knows thats the bottom, you wait for bottom and next moment it rebounds

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pingo_0070 Jan 24, 2022 4:22AM ET

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unlike humans .. no one knows where is markets bottom ...

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Abeyek Dunblex Jan 24, 2022 4:22AM ET

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It wouldve been more easier if we know the bottom..

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