*WALL ST SHAKES OFF SOARING RATES TO END HIGHER AS FED'S BOSTIC TOUTS SUMMER PAUSE $DIA $SPY $QQQ
“Whatever the reason that jobless claims have remained subdued, the bottom line is that labor supply is not increasing in any meaningful way, and there is no evidence that this will change any time soon,” Jefferies said in a note.
The strong data and hawkish remarks from several Fed members earlier this week have forced some on Wall Street to price in more aggressiveWells Fargo pushed back its call on recession and now expects an economic downturn in the second half of the year, and said it expects interest“We’ve reduced our year-end 2023 target for the S&P 500 Index and raised our target range for the federal funds rate to 5.25% to 5.5%,” it added.
Financials were the biggest drag on the market, with regional banks leading to the downside despite a surge in yields, which tends to boost margins on lending.
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