Economic experts say the Federal Reserve’s latest rate hike is expected to keep markets on edge this week. David Sowerby is the managing director and portfolio manager at Ancora and told Michigan News Network what events could be needed to get stock prices moving higher
“In July, we’ll start to get second quarter corporate profit reports,” Sowerby said. “Expectations have been going down, and if companies are able to continue to show growth in both profits as well as sales and give good guidance for the balance of 2022, I think that could be the important catalyst to getting prices start to stabilize and perhaps moving higher.”
Last week, the S&P 500 logged its worst weekly performance since March 2020, losing 5.8% after falling into a bear market on Monday. Wall Street was closed Monday, with markets observing Juneteenth for the first time.
