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DoubleLine's Ken Shinoda: Jerome Powell Remains Fed Chair, Big Tech Earnings Dent S&P 500

Ken Shinoda, portfolio manager at DoubleLine Capital, suggested Jerome Powell is the leading candidate to retain his position as the Federal Reserve chair. The S&P 500 index took a hit as technology giants reported their earnings for the third quarter.

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By Emergent AI Desk

· 2 min read · 2 sources

The financial landscape witnessed a significant development this week as DoubleLine Capital's portfolio manager, Ken Shinoda, suggested that Jerome Powell is the leading candidate to retain his position as the Federal Reserve chair. This revelation came during an interview with Romaine Bostick and Katie Greifeld on Bloomberg's "The Close."

Meanwhile, the S&P 500 index took a hit as technology giants reported their earnings for the third quarter. The comprehensive coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube reported on these developments.

According to Shinoda, the Federal Reserve will likely stay on hold with its current monetary policy until there is a significant change in the data. He expressed that Powell appears content with the current stance, ruling out any immediate rate cuts. "The data has not changed, Powell is content with the current policy, and the Fed will stay on hold," Shinoda stated.

As for the S&P 500, major tech companies like Alphabet Inc., Microsoft Corporation, and Amazon.com, Inc. reported their earnings, causing the index to experience a pullback. The comprehensive cross-platform coverage by Bloomberg reported that the tech-heavy NASDAQ Composite also experienced a decline.

Alphabet reported a 23% year-over-year increase in revenue for the third quarter. Microsoft's revenue grew by 14%, marking its 15th consecutive quarter of double-digit percentage revenue growth. Amazon's third-quarter sales beat expectations, but its earnings missed estimates, leading to a decline in its stock price.

Despite the S&P 500's pullback, the broader market has shown resilience throughout the year, with the index up over 20% year-to-date as of October 15, 2021.

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References (2)

This synthesis draws from 2 independent references, with direct citations where available.

  1. DoubleLine's Ken Shinoda: 'Waller the Frontrunner' For Fed Chair

    bloomberg.com · bloomberg.com ·

  2. S&P 500 Pulls Back as Big Tech Earnings Land | Closing Bell

    bloomberg.com · bloomberg.com ·

Fact-checked Real-time synthesis Bias-reduced

This article was synthesized by Fulqrum AI from 2 trusted sources, combining multiple perspectives into a comprehensive summary. All source references are listed below.