Fed hike, Bank of Japan, interest rates, currencies

CNBC Pro: Morgan Stanley’s Mike Wilson names the key attribute he likes in stocks

Morgan Stanley’s Mike Wilson is staying defensive amid the persistent market volatility this year. He names the key attribute he’s looking for in stocks.

Stocks with this attribute have been “rewarded” this year, with the trend likely to persist until the market turns more bullish, according to Wilson.

Pro subscribers can read more here.

— Zavier Ong

Bank of Japan likely to maintain yield curve control for rest of 2022: DBS

Substantial adjustments to the Bank of Japan’s policies are likely to happen only after the central bank’s leadership changes in mid-2023, DBS Group Research said in a note Tuesday.

But the BOJ may consider some “policy fine-tuning,” such as widening the target band by 10 basis points, in response to market pressures, analysts wrote.

It added that “regardless of intervention,” the dollar-yen could test 147.66 last seen in August 1998, adding they are not ruling out USD/JPY pushing above 150 “without a hard landing in the US prompting Fed cuts.”

— Abigail Ng

Stock futures open lower

US stock futures fell on Wednesday night following a volatile session in the major averages as traders weighed another large rate hike from the Federal Reserve.

Dow Jones Industrial Average futures declined by 16 points, or 0.05%. S&P 500 and Nasdaq 100 futures dipped 0.19% and 0.31%, respectively.

—Sarah Min

Stocks slide, Dow closes 522 points lower in volatile trading session

Stocks wavered on Wednesday but finished the session deep in the red after the Federal Reserve announced another 75 basis point rate hike.

The Dow Jones Industrial Average shed 522.45 points, or 1.7%, to close at 30,183.78. The S&P 500 slid 1.71% to 3,789.93 and the Nasdaq Composite dove 1.79% to 11,220.19.

—Samantha Subin

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