The Federal Reserve dominated the headlines this week on Wall Street. The Fed had a lot to unpack at its September meeting; bond yields hit 19-year highs, while oil prices eclipsed $100. Combined with the inflation overhang, the central bank moved forward with the widely-anticipated interest rate hike, the first in three years. While stocks bounced back immediately following the news, the Dow and S&P 500 are still headed for weekly losses. The tech-heavy Nasdaq, however, is set to eke out a slim weekly win.
An AI Warning and Other Tech Happenings
A dire AI warning from Anthropic early in the week sent the tech sector scrambling. But that also meant some semiconductor stalwarts like Nvidia (NVDA) are at intriguing entry points. Intel (INTC), meanwhile, made waves with rumors of a massive partnership.
Short sellers are having a field day with volatile cryptocurrency stocks, while Oracle (ORCL) options activity flashes.
Stocks to Target (and Avoid) If You're Sick of Tech
Those looking to reduce their exposure to tech stocks have plenty of options. A
mining stock just flashed a bullish signal, while
oil stocks continue to outperform, to the delight of
options traders. However, analysts warn to stay away from
Expedia (EXPE) and
Netflix (NFLX), while
Nike (NKE) takes a hit after Mbappe ditched the athleticwear giant.
September Slowdown Has Investors Searching
All of Wall Street awaits the next major S&P 500 catalyst, but we could be waiting a while. We're in for a true September slowdown next week, with the Fed meeting in the rear view mirror and earnings season still a week or so away. A handful of notable names will trickle in with their reports, however, include Costco Wholesale (COST) and KB Home (KBH). In the meantime, let your winners run.
