{"id":65652,"date":"2023-09-26T12:22:48","date_gmt":"2023-09-26T16:22:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/its-pretty-dire-john-hancock-strategist-says-of-sentiment-on-wall-street-as-bond-yields-march-higher\/"},"modified":"2023-09-26T12:22:52","modified_gmt":"2023-09-26T16:22:52","slug":"its-pretty-dire-john-hancock-strategist-says-of-sentiment-on-wall-street-as-bond-yields-march-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65652","title":{"rendered":"\u2018It\u2019s pretty dire,\u2019 John Hancock strategist says of sentiment on Wall Street as bond yields march higher"},"content":{"rendered":"
\n

It\u2019s time to hunt for bargains.<\/p>\n

That\u2019s Matt Miskin, John Hancock Investment Management\u2019s co-chief investment strategist, telling investors to focus on unloved sectors of the market now that the Federal Reserve has indicated interest rates could stay higher for longer than previously anticipated.<\/p>\n

\n

\u201cWe are in a late-cycle environment, in our view,\u201d Miskin told MarketWatch. \u201cThe markets were fighting the Fed \u2014 and they were winning,\u201d he said. \u201cAnd then the Fed last week said: \u2018We are fighting back.’\u201d<\/p>\n

See<\/strong>: Interest rates will stay high \u2018well into next year,\u2019 Fed\u2019s Goolsbee says<\/p>\n

Last week, the central bank kept its policy rate\u00a0at a 22-year high, but erased two of four rate cuts previously penciled in for next year, with its so-called \u201cdot plot\u201d now showing a benchmark Fed rate that could stay above 5% through the end of 2024.<\/p>\n

That creates a backdrop that could strain consumers and dent sales of luxury vehicles and other high-end consumer items, he said. But it has already sparked extremes in the roughly $25 trillion Treasury market, with the 10-year yield
\n BX: TMUBMUSD10Y
\n climbing 10 basis points on Monday to 4.541%, its loftiest level since October 2007, roughly where it was trading Tuesday.<\/p>\n

\u201cI think we are at the point in the cycle where yields are going to back up until something breaks,\u201d Miskin said. \u201cRight now, the sentiment is pretty dire out there.\u201d<\/p>\n

Older bonds with lower coupons fall in price as yields rise, often hurting total returns on bond portfolios. As evidence of the pain hitting long U.S. government bonds, shares of the popular iShares 20+ Year Treasury Bond ETF
\n TLT
\n continued to fall a day after sinking below $90 a share on Monday, the lowest level in more than 12 years.<\/p>\n

However, Miskin also thinks it\u2019s a rare opportunity to buy beaten-up bonds, where \u201cthe math is pretty favorable for those investors that are long term,\u201d and defensive stocks that reflect \u201cwhat people need, not what they want.\u201d<\/p>\n

That includes heath care, utilities and consumer staples, which have been out of favor this year as investors gravitated to a small number of high-flying technology companies as recession fears faded.<\/p>\n

Read<\/strong>: A major stock-market shift that Wall Street has been waiting for all year is finally starting. But can it last?<\/p>\n

As a sign the shift may be starting, the S&P 500\u2019s tech sector is down about 8% in September, through Tuesday, while defensive sectors like utilities were down only 0.7% and energy was on pace for a monthly gain of 1.9%, according to FactSet.<\/p>\n

\u201cWhen recession risk is minimal, the defensive parts of the market are going to be the most on sale, and when you want to buy these things,\u201d Miskin said. \u201cYou don\u2019t buy the hurricane insurance when the hurricane is there.\u201d<\/p>\n

That also includes energy, particularly given supply constraints that have kept U.S.
\n CL00,
\n +1.07%<\/bg-quote>
\n and international
\n BRN00,
\n +0.81%<\/bg-quote>
\n crude prices near $90 a barrel.<\/p>\n

The S&P 500,
\n SPX
\n Dow Jones Industrial Average
\n DJIA
\n and Nasdaq Composite Index
\n COMP
\n were sharply lower Tuesday and on pace for losses in September.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s time to hunt for bargains. That\u2019s Matt Miskin, John Hancock Investment Management\u2019s co-chief investment strategist, telling investors to focus on unloved sectors of the market now that the Federal Reserve has indicated interest rates could stay higher for longer than previously anticipated. \u201cWe are in a late-cycle environment, in our view,\u201d Miskin told MarketWatch. […]<\/p>\n","protected":false},"author":1,"featured_media":65653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-65652","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018It\u2019s pretty dire,\u2019 John Hancock strategist says of sentiment on Wall Street as bond yields march higher | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It\u2019s time to hunt for bargains. 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