September 28, 2022

Markets:

Stock futures fell Wednesday as traders struggle to find their footing after the S&P 500 notched a fresh bear market low in the previous session.

Shares of Apple were down nearly 4% in premarket trading after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.

Stock futures pared earlier losses after the Bank of England said it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.5% lower against the dollar at $1.0647.

The 10-year U.S. Treasury yield gave back its initial gains after the announcement, last trading at about 3.93%. Earlier in the trading session, the benchmark rate broke above 4% for the first time since 2008.

The British pound got a brief boost Wednesday after the Bank of England said it would buy long-dated UK government bonds in an effort to stabilize the country’s currency.

The pound recently hit a record low against the dollar around $1.03. On Wednesday, sterling traded 0.6% lower at $1.0672.

Portfolio:

We enter the new trading session holding positions in Z, TDOC, and AA. We will be looking to book a profit today and potentially add a new opportunity as well based on premarket indicators. Queue is igniting and this is exciting. The potential for end of year cycle continues to grow and we will be looking to take full advantage of it. The bond carnage continues to be alarming and watching this closely. Stay patient and let's continue to pinpoint opportunity here. Let's have a great session.