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“Let Hercules himself do what he may / The cat will mew and dog will have his day.” – William Shakespeare
After a big rally last week, equity markets are heading into the week a bit groggy this morning as futures are indicated lower to kick off the week. As we note in the commentary of this morning’s report, though, it’s not unprecedented to see weakness following a strong rally into a triple witching options expiration.
Oil prices are near $110 per barrel this morning as Russia-Ukraine tensions show no signs of abating. In fed-speak, there’s a number of speakers on the calendar and the week kicked off with Atlanta Fed President Bostic who said he sees a total of six rate hikes for 2022 and another two in 2023.
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In what was a strong week for the equity market, it was clearly an example of every dog having its day as the worst-performing sector’s YTD led the rally while Energy, the one sector that was up YTD heading into the week, finished in the red. Whether you want to call it a dash for trash or some other variation, sectors that had faced the most serious selling pressure had their shining moment of 2022.
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