Cheddar News: Kevin Philip Quoted in “Stocks Close Near Session Lows as Tech-Heavy Nasdaq Continues Decline”
October 4, 2021
“Stocks Close Near Session Lows as Tech-Heavy Nasdaq Continues Decline,” Cheddar News
“I think first and foremost is the question of inflation, which is expressed in so many different ways as you’ve already pointed out; the 10-year rising, the comments by the Fed previously that we’ve already had. Today we have some new news about the future leadership of the Fed and whether Jay Powell is going to continue, but I think also part of that equation is what we’re seeing in the energy markets. In Europe they’re facing a shortage of natural gas. In England, Boris Johnson announced that they’re going to have trucks start driving gas to gas stations because there’s a shortage. Those are some really interesting news headlines; and energy prices are so much a part of inflation calculations that I think it probably spooks the market a little bit more on interest rates.” — Kevin Philip
“The treasury yield popping suggests that down the road the Fed would have to hike interest rates and slow down growth. The tech sector is the most levered to the growth rate, which is to say they trade at higher multiples. Whenever there’s a change on the projected aspect of growth, it’s going to be affected more.” — Kevin Philip
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