Stockmarket Rally Loses ‘pillar Of Support As Retail Traders Tap Brakes: Vanda

Stockmarket Rally Loses ‘pillar Of Support As Retail Traders Tap Brakes: Vanda
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Individual investors are holding back buying U.S. stocks and skipping fundamentals as stocks pull back from early 2023 highs, according to weekly data from Vanda Research.

Net daily retail flows to the U.S. market fell below $1 billion a day last week after hitting a record high of $1.5 billion in early February, the research firm said, in line with its previous forecasts, based on expectations of a moderate recovery. After March-April large purchases and weak seasonal factors.

“The key point is that a key pillar of this year's rally could remain on the back burner in the coming weeks. term,” analysts Marco Icchini, Giacomo Pierantoni and Lucas Mantel wrote in a note Thursday.

"While a rebound in key data ahead (US jobs or CPI) could lead individual retailers to take advantage of any weakness in equities, we expect the broader downtrend in buying to be more dominant in the absence of offers. dynamic institutions."

Stocks have been under pressure this week after Federal Reserve Chairman Jerome Powell told a Senate panel on Tuesday that interest rates needed to rise more than expected, opening the door for a 50 basis point hike. federal funds rate basis. Policy makers will meet later this month.

Powell told a House committee on Wednesday that the Fed has not decided between a 25 or 50 basis point hike, which will depend on future dates. The February jobs report will be followed by consumer and wholesale inflation data on Friday next week.

Stocks were under pressure Thursday, with the Dow Jones Industrial Average down more than 500 points, or 1.6%, while the S&P 500 was down 1.8% and the Nasdaq Composite down 2%.

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