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The Market Fought the Fed. Guess Who Won?

Barron's, 2022-10, Vol.102 (41), p.28-30

Copyright Dow Jones & Company Inc. Oct 10, 2022 ;ISSN: 1077-8039 ;EISSN: 2769-9692

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  • Title:
    The Market Fought the Fed. Guess Who Won?
  • Author: Jasinski, Nicholas
  • Subjects: Annual reports ; Bank earnings ; Capital losses ; Coronaviruses ; COVID-19 ; Dow Jones averages ; Economic conditions ; Inflation ; Interest income ; Interest rates ; Investments ; Labor market ; Recessions ; Securities markets ; Stock exchanges ; Stock prices ; Unemployment
  • Is Part Of: Barron's, 2022-10, Vol.102 (41), p.28-30
  • Description: [...]quarter earnings season kicks off this coming week with results from big U.S. banks, while Thursday's release of the September consumer price index will give us a read on inflation. An analysis by Atlantic Equities shows that banks tend to perform badly in the early stages of a recession, as investors fret about balance sheets, but outperform the market by an average of 30 percentage points in the early stages of a recovery. "The main threat we see to the banks is not so much substantial pressure on their book values from earnings losses as much as the negative narrative that surrounds a recession, which can leave multiples well below 'rational' levels," writes Atlantic Equities analyst John Heagerty. The list includes companies like Netflix (NFLX) and Meta Platforms (META) in communication services; Target (TGT) and eBay (EBAY) in consumer discretionary; Align Technology (ALGN) and Elanco Animal Health (ELAN) in healthcare; 3M (MMM) and Boeing (BA) in industrials; Nvidia (NVDA) and Advanced Micro Devices (AMD) in technology; and Eastman Chemical (EMN) and Berry Global Group (BERY) in materials.
  • Publisher: New York, N.Y: Dow Jones & Company Inc
  • Language: English
  • Identifier: ISSN: 1077-8039
    EISSN: 2769-9692
  • Source: ProQuest Central
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