- May 16, 2022
- Posted by: Bastion team
- Category: World News
The retail sector will be in focus this week after a string of wild trading sessions on Wall Street. Quarterly financials from megastore Walmart (WMT) and other consumer giants are in the queue, in addition to April’s retail sales report scheduled for release Tuesday.
Investors will tune in for additional remarks from Federal Reserve officials, including Chair Jerome Powell in the week ahead, as inflation continues to run hot across the U.S. economy.
Friday capped the sixth straight down week for U.S. equities following a vicious streak of selling. Renewed concerns over consistent elevated price levels, and the prospect of an economic slowdown, stirred up further turbulence in markets. The major indexes rallied to turn positive in the last session, but remained near 2022 lows after the S&P 500 fell below 4,000 hovering near bear market territory for much of the week.
It was defined as a close of at least 20% from a recent record high.
“The question remains as to whether this rally signifies the end of the selling,” LPL Financial Chief Equity Strategist Quincy Krosby said in a note, adding analysts will be watching 200-day moving averages and whether resistance levels are pierced. “Moreover, although price action is key, volume to the upside would suggest buyer interest at these levels.”
“Given the history of bear markets, coupled with the fact that the Fed has just begun its rate hike cycle and would like to see financial conditions continue to tighten so that…