Investors reviewed valuations after the Federal Reserve’s latest hint that it will move aggressively if prices remain elevated, and stocks in the United States sank lower after swinging between gains and losses.
During the week, the S&P 500 was hit 1.9 percent sparked by Fed meeting minutes that suggested the central bank is poised to hike rates sooner and higher than previously predicted. Overall, the index finished down 2.12%.
Morgan Stanley raised the stock to overweight from equal weight, causing shares of the shoe business AllBirds (NASDAQ: Bird) to rise. Allbirds’ stock currently appears to be cheap, according to the firm, following a steep decline that pushed shares below their November IPO price.
After reaching their highest level since late November, Brent crude futures increased $1.19 cents, or 1.5%, to close at $81.99 a barrel. The price of West Texas Intermediate (WTI) crude in the United States increased by $1.61, or 2.1%, to $79.46.