The markets closed mostly in the red today following an address by the new Fed Chair, Jerome Powell, to Congress. Chad Morganlander is a Portfolio Manager at Washington Crossing Advisors, and he joins Cheddar to break it all down.
When asked about the recent volatility of the market, Morganlander says that no one thing should be blamed. ETFs are not the route of the recent volatility. Overall, Morganlander says the markets are fine. He explains that as rates rise, there will be more volatility.
Morganlander anticipates that rates might be raised 2 or 3 times in 2019.
When asked if markets will bounce back after a day that mostly ended in the red, Morganlander said that is anyone's guess.
Overall, Morganlander expects markets to be more volatile this year than they were in 2016 and 2017.
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
