Jeffrey Schulze, investment strategist at ClearBridge Investments, went down memory lane to look at the history of countertrend rallies
It’s been a nice few days for the stock market, with the S&P 500 SPX rising three of the last four sessions, including 4% over just the last two days. So the question, as third-quarter earnings season revs up, is just how long the good times can last.
Two of the past three recessions saw even bigger countertrend rallies before the final lows were established. Schulze, however, is pessimistic, noting the rising risks from his firm’s recession risk dashboard . “We expect further weakening in the coming months as the lagged effects of Fed tightening continue to bite and the Fed continues to raise rates in its quest to curb high inflation,” he said.
The buzz Netflix NFLX shares jumped 12% in premarket trade after posting surprisingly strong subscriber numbers. Netflix also said it would stop giving guidance on subscriber gains.Wednesday’s earning slate includes Procter & Gamble PG , which also topped estimates, and after the close, Tesla TSLA and IBM IBM .
The White House is set to issue a notice for the sale of 15 million barrels of oil from the Strategic Petroleum Reserve, and that it will repurchase crude oil when prices are at, or below, the $67 to $72 range.
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