The S&P 500 was lower Wednesday as investors took a breather from last week’s market rally, and weighed Powell’s latest comments on inflation. The Dow shed 0.30%. The S&P 500 fell 0.52%. The Nasdaq plunged 1.21%.
The top commodities in the Invesco ETF are sugar , live cattle, cocoa, soybeans, coffee, corn, lean hogs, wheat, feeder cattle and cotton.Expect a pullback that's as 'equally impressive' as the recent rally, BTIG says
"Parabolic moves rarely end with calm or gradual consolidations; they often end with an equal and opposite reaction to the impulsive move," the chief market technician at BTIG wrote on Wednesday. Analyst Alexei Gogolev initiated coverage of the stock at overweight. His $472 price target shows a potential upside of 20.5% over Tuesday's close. That would imply a continuation of its recent rally, with shares up 21.4% so far this year.
"I think we are in a place where we should let the hard work the Committee has already done work its way through the economy and see if it continues to bring inflation closer to our goal,"He labeled his policy outlook as a "play-it-by-ear approach" in which policymakers can watch for impacts of policy tightening and then decide at each individual meeting whether to hike, hold or cut.
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