Fed Holds But Signals Hawkish Path Ahead, Treasury Yields Rise: The Week In The Markets
Portfolio Pulse from Piero Cingari
The Federal Open Market Committee (FOMC) decided to leave rates unchanged at 5.25%-5.5%, signaling a more hawkish path ahead. Treasury yields hit 17-year highs. Cisco Systems announced an agreement to acquire cybersecurity company Splunk. The stock market witnessed a volatile week with the S&P 500 Index and the Nasdaq 100 recording their worst trading week since early March 2023. Interest rate-sensitive sectors underperformed, while defensive angles fared better. The United Auto Workers revealed its plan to widen the scope of strikes to 38 facilities in 20 states, primarily targeting General Motors and Stellantis.
September 22, 2023 | 8:07 pm
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POSITIVE IMPACT
Cisco Systems announced an agreement to acquire cybersecurity company Splunk. This could potentially boost Cisco's cybersecurity offerings.
The acquisition of Splunk could potentially enhance Cisco's cybersecurity capabilities, making it more competitive in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Cisco Systems announced an agreement to acquire Splunk. Splunk’s stock surged 21% on the news.
The acquisition by Cisco could potentially provide a significant boost to Splunk's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The United Auto Workers revealed its plan to widen the scope of strikes to 38 facilities in 20 states, primarily targeting General Motors.
The planned strikes by the UAW could potentially disrupt General Motors' operations, negatively impacting its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The United Auto Workers revealed its plan to widen the scope of strikes to 38 facilities in 20 states, primarily targeting Stellantis.
The planned strikes by the UAW could potentially disrupt Stellantis' operations, negatively impacting its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100