Last week, the Dow closed Friday at its lowest point of the year … days after the Federal Reserve announced a 75 basis-point hike in interest rates. The S&P 500 followed suit yesterday by notching a new closing low for the year after falling 1% on the day. One of our positions reached its stop price at the close yesterday, so we’ll follow our discipline and sell today.
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Read MoreIn November 2021, we recommended buying into shipping and logistics company Matson Inc. (NYSE: MATX) to take advantage of disruptions in the global supply chain. The company connects China with Hawaii and the West Coast of the U.S. with expedited shipping and cargo loading. But now we’re in a bear market, and investors are nervous waiting for word from the Federal Reserve on its next interest rate hike. As a result, rates are surging, and the S&P 500 dropped more than 1% in Tuesday trading. We recommended a stop-loss on MATX of $68, which the stock closed below yesterday.
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