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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3911
Registered: 05-2011
Posted From: 24.164.46.35

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Posted on Tuesday, January 11, 2022 - 11:56 am:   

Shaky start to 2022 continues

The stock market opened today's session on a mixed note, making for a continuation of a shaky start to 2022. The S&P 500 (-0.5%) holds a modest loss while the Nasdaq (-0.4%) spent some time just above its flat line before rejoining the S&P 500 in negative territory.

Like stocks, Treasuries started the day in mixed fashion, with longer tenors rebounding from their recent losses while shorter tenors are seeing more selling pressure. The 10-yr yield is currently down one basis point at 1.77% while the 2-yr yield is up two basis points at 0.92%.

Ten out of eleven sectors display early losses with countercyclical real estate (-1.3%), consumer staples (-1.1%), and utilities (-0.9%) showing relative weakness while the energy sector (+1.1%) outperforms comfortably as the price of oil returns toward last week's high (80.47).

Fed Chairman Powell is currently testifying before the Senate Banking Committee in Washington as part of his re-nomination to another term as Chairman. Mr. Powell said that the economy no longer needs highly accommodative policies and that steps to reduce the balance sheet will be taken later in the year.

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