Citing historical statistics, Wallstreetcn.com points out that after the Federal Reserve's initial 25 basis point rate hike on September 16, the U.S. stock energy and information technology sectors have been the most resilient during past tightening cycles, while real estate and discretionary consumer sectors were the most vulnerable. Jefferies data shows that in the 12 months following the first rate hike, the U.S. stock energy sector had the highest average return at 22.4%, followed by information technology at 15.4%. Charles Schwab statistics indicate that the real estate sector lagged the S&P 500 by 4.3 percentage points, making it the worst performer among the 11 sectors.
Goldman Sachs further analyzed that the biggest impact on sector rotation is not the absolute level of interest rates, but rather the speed of rate hikes. In the current volatile market environment, a 50 basis point increase in the 10-year U.S. Treasury yield within one month, or a 30 basis point increase within two weeks, constitutes "rapid rate hike" pressure. Goldman Sachs also noted that the recent rise in oil prices is one of the factors driving long-term U.S. Treasury yields higher, with the 10-year U.S. Treasury yield currently around 5%.
Goldman Sachs Analysis: Historically, US stock energy and technology sectors outperform after Federal Reserve rate hikes, while real estate lags; the pace of rate hikes is key to US stock performance.
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Source:华尔街见闻 · Source Link
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