When interest rates rise to a certain level, many investors revalue their investments and alter their price targets
After the close on Tuesday, trucking company J.B. Hunt announced better-than-expected earnings and revenue despite lower hauling volumes due to COVID-19-related labor shortages, inclement weather, and train derailments. The company reported a 22% revenue increase per load, excluding fuel surcharges. JBHT rose 0.10% in after-hours trading.
The major stocks indices are lower so far this year. The Dow Jones Industrial Average is down 2.7% year to date. The S&P 500 has fallen 4%. The Russell 2000 has dropped 6.6%, and the Nasdaq Composite is nearing correction territory after closing 7.3% year to date on Tuesday. The 2-year Treasury yield also rose above the 1% mark. Some investors may see this as a sign that the Fed is going to have raise rates more than Chairman Jerome Powell had originally targeted. After the December Fed meeting, Chair Powell said that the Fed was targeting 0.90% by the end of 2022. The 2-year yield tends to be the most correlated with the Fed’s moves, which is why investors are now looking at the potential that the Fed may have to raise rates higher and sooner.
Valuations are likely the biggest driver helping the S&P 500 Pure Value Index’s recent outperformance of the S&P 500 Pure Growth Index. On November 19, 2021, the value index surpassed the growth index in relative strength. Since that time, the value index has rallied more than 8%, while the growth index has falling nearly 14%. The S&P 500 has also fallen a little more than 2% over the same period.
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