- 22 June 2023
- Posted by: Federica Montella
- Categories: eToro CopyTrader, Investing
Wall Street went down on Wednesday
Yesterday has been a negative day for the US stock market.
All three major US indexes closed in a loss for the third consecutive day.
The S&P 500 finished at -0.52%, the Nasdaq closed at -1.21% and the Dow Jones closed the trading session with a loss of 0.30%.
The market fall has been driven by the tech stocks that have recently rallied, especially the chipmaker AMD which closed at -5.7% yesterday, and Nvidia which lost t 1.7%.
The investors’ sentiment remains in Extreme Greed, as indicated in the graph below:
Sentiment indicator – Fear & Greed Index
The market sentiment is 79, in “Extreme Greed” mode, in line with yesterday’s reading.
US inflation needs to return to its 2% target
Federal Reserve Chair, Jerome Powell delivered testimony yesterday on Capitol Hill.
He said the Central Bank’s main goal is to bring back inflation to its 2% target.
More rate increases are likely to happen this year in order to reach the desired level of inflation.
Investors are now expecting a rate hike of 25 basis points at the next Fed meeting in July.
Based on the graph below only a small percentage, 25.6% of investors believe in no rate increase.
What to watch today
What to watch todayPowell, the Federal Reserve President, will testify today at 15:00 GMT+1.
US weekly Initial Jobless claim data is expected to be released today at 13:30 GMT+1.
The existing Home Sale for the month of May report will also be published today at 15:00 GMT+1.
Financial markets could be volatile today.
Portfolio update
I remain neutral and cautious about the stock market, especially now that the investor’s sentiment is extreme greed.
I hold long and short stock positions and aim to profit regardless of the market direction.
If you are already copying my portfolio, please keep the copy open.
If you are thinking of copying me, now could be the right time, if you can invest for the long term (years).
Remember to copy the open trades to optimize the copy.
Remember to set the stop loss on the copy at the minimum level, so you don’t get stopped if there is a correction.
Thank you, everyone. Have a nice day!
Steps to follow to copy my portfolio automatically:
1. Create an eToro account here: https://federicamontella.com/go/etoro/
2. Verify your account and make a deposit of at least 200 USD (you can deposit in any currency, like GBP and EUR)
3. Go to my profile page: https://federicamontella.com/go/etoro-passionforprofit/
4. Start the copy (copy open trades and set the lowest stop loss possible, to allow some movement)
5. Enjoy, it’s all automatic. You will make passive income 24/7
Let me know if you have any questions.
Federica Montella
eToro Popular Investor
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