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Today in the Market (3/14/2022)

Good Evening. Investors are looking ahead to the Federal Reserve’s next monetary policy meeting later this week, amid an ongoing crisis in Ukraine and increasing inflation, as stocks erased earlier gains to close mostly lower.

The S&P 500 fell 0.74%.  The DOW ended even at 0.00%, and the NASDAQ dropped 2.04%

ECONOMY

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In response to rising costs, consumers across the United States upped their one- and three-year inflation forecasts, saying they now anticipate to spend more on food, petrol, and shelter in the coming year, according to a New York Federal Reserve study.

One-year inflation estimates jumped to 6.0% in February, up from 5.8% in January, according to the study. This was tied with November’s high for the highest level in data dating back to 2013. Inflation estimates for the next three years increased to 3.8% from 3.5% in January, albeit this was still lower than late last year.

Consumers’ spending expectations have also risen considerably, with consumers now expecting a 6.4% increase in spending over the next year, up from 5.5% in January. This anticipated increase in expenditure likewise set a new high in the New York Fed’s survey history.

BUSINESS

Shares of GameStop (GME), the original darling of last year’s Reddit-fueled retail trading frenzy, fell 16 percent intraday as investors dumped risky assets such as meme stocks and loss-making tech business shares.

The recent dip added to the game retailer’s year-to-date losses, with its shares down 46% in 2022.

After the market closes on Thursday, GameStop will release its quarterly results, providing another update on the company’s recent results and plans for its NFT marketplace, which is presently under construction. Some analysts, on the other hand, are skeptical of GameStop’s new path.

“GameStop confirmed the rumors last month and announced it had partnered with Australian startup Inmutable X to power its online hub on the Ethereum network,” Wedbush analyst Michael Pachter wrote in a note Monday. He rates the stock as Underperform and has a 12-month price target of $45 apiece. “We remain skeptical that platform holders and large publishers will allow NFT trading in-game, and think GameStop’s strategy will fail.”

THE WEEK AHEAD

Rate hikes for coming: This week, the Federal Reserve is expected to hike rates for the first time since late 2018. It comes at a critical time: inflation is near 40-year highs, and the Ukraine conflict threatens to stifle economic growth. Jerome Powell, the chairman of the Federal Reserve, will have to thread the needle of price cooling without triggering a recession.

SXSW: Because the South by Southwest festival—a media/tech/film extravaganza—is in full gear this week, it may appear as though all of your cool friends are in Austin, TX.

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