Market Recap

Dow: -176.89…
Nasdaq: -86.93… S&P: -30.92..

“No inflation peak before end 2023”- France Finance Minister

Jamie Dimon also said today that there’s a “hurricane” coming for the US economy & “you better brace yourself.”

Dimon attributes his pessimism to two factors: the Fed’s quantitative tightening in financial markets & ramifications of Ukraine war on global commodity markets.

The stock market ended Wednesday on a weak note with the major averages finishing near yesterday’s lows. The S&P lost 0.8% while the Russell 2000 (-0.5%) finished a bit ahead despite lagging in morning trade.

Early action saw a continuation of yesterday’s selling with some recent top performers fueling the pullback. The financials sector (-1.7%) underperformed throughout the day after rallying off a 13-month low at the end of May. Today, the sector was pressured by comments from JPMorgan Chase (JPM 129.91, -2.32, -1.8%) CEO Dimon, who warned about an approaching “economic hurricane.”

Fun stuff.

The NDX looks decent and may have some legs higher towards the 50-day moving average, but my guess is that sellers will show up in force around that level.

Pershing Square Holdings May Net Performance -9.5%

See you in the morning.