After a 1% gain earlier in the day, U.S. stocks turned around. The negativity returned to the market after the speech of Harker from the Fed, who reminded that the regulator plans to raise the rate to 4% by the end of the year.
As a reminder, the forecast from Bank of America and other major banking sector representatives is to end the tightening cycle by mid-2023. Also, let's not forget the still strong labor market: the number of jobless claims fell again.
As a result, the bounce, fueled by good reports from some companies, is likely to be short-lived. There will be a Fed meeting on October 2, which should bring the markets down again, which means the bottom is still a long way off.