So where do bio go for safety and profits after Powell’s speech: First take is farm commodities
Pretty much everything got clobbered today after Federal Reserve chair Jerome Powell promised that the Fed would raise interest rates and keep them high until inflation is under control. In other words, no quick turn to cutting interest rates in the second half of 2023. So chip stocks were down today, August 26, with Nvidia (NVDA) plunging 9.23% at the close. Consumer stocks were down with Shake Shack (SHAK) tumbling 8.61%. Financial technology stocks were down with Block (SQ) shedding 7.72%. Climate change stocks, an extremely hot sector lately, were down with EVgo (EVGO) bleeding 7.86%. Hide in gold? No way. The SPDR Gold Shares ETF (GLD) was down 1.22%. (Better than a poke in the eye with a sharp stick, I suppose.) But agricultural commodity ETFs? Green in a sea of red.
