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 The depressed P/E ratios of these three S&P 500 growth stocks make them value stocks in a growth wrapper—and bargain buys for investors.
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European markets build on gains as investors digest Fed minutes CNBCFed Moves Toward Another Big Rate Increase as Inflation Lingers The New York TimesFed Officials Agreed Rates May Need to Keep Rising Bloomberg Markets and FinanceFed sees 'more restrictive' policy as likely if inflation fails to come down, minutes say CNBCSTOCK MARKET NEWS: Fed minutes signal July rate hike size as inflation persists Fox Business
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The three major averages ended Wednesday's session higher after the release of the Federal Reserve's June meeting minutes.
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Futures markets signal scaled-back expectations of how high major central banks will raise rates
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 The British pound rose early Thursday as the BBC and other U.K. media reported that Prime Minister Boris Johnson is expected to resign imminently. The pound rose 0.4% to $1.1978, in a week that has thus far seen dozens of Conservative cabinet members resign in protest over Johnson's flip-flopping around a sexual harrassment scandal. The BBC reported that Johnson will resign as Conservative leader, but continue as prime minister until autumn. A campaign to replace Johnson will take place this summer, with a new leader ready in time for the October Tory party conference, the BBC said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Nadhim Zahawi, appointed as chancellor only Tuesday, said in a letter posted to social media that U.K. Prime Minister Boris Johnson should resign. Zahawi said he accepted the role out of loyalty to the country, and that the major offices of state function through a national crisis. He said he made clear on Wednesday, with colleagues, to Johnson that he should leave. "I am heartbroken that he hasn't listened and that he is now undermining the incredible achievements of this Government at this late hour," Zahawi wrote. "Prime Minister, you know in your heart what the right thing to do is, and go now."
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Our theme of 5G Stocks - which includes U.S.-based wireless carriers, infrastructure players, semiconductor companies, and testing solutions providers that stand to benefit from the ongoing transition of the wireless industry to 5G - has declined by about 24% year-to-date, underperforming the S&P...
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 Growth stocks are suddenly outperforming value equities as the bond market begins to signal recession fears. It may mean the Federal Reserve has passed peak hawkishness in raising rates to combat high inflation.
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These stocks never should've been worth so much in the first place," he said.
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The major indexes spent most of the day bouncing around as investors awaited the mid-afternoon release of the minutes from the Federal Reserve's June policy-setting meeting, where the central bank issued its first 75 basis-point rate hike in nearly three decades. A basis point is one-one hundredth of a percentage point.
The meeting minutes revealed that another hefty rate hike is likely coming when the Fed meets later this month (July 26-27) as the central bank tries to tame red-hot inflation. Specifically, the minutes suggested that "an increase of 50 or 75 basis points would likely be appropriate at the next meeting."
SEE MORE 7 Common Investing Myths, Debunked
Additionally, the minutes indicated Fed officials believed the current economic outlook "warranted moving to a restrictive stance of policy," while leaving the door open to "an even more restrictive stance" should high levels of inflation persist. Translated: ongoing rate cuts, larger rate cuts, more bond selling or some combination thereof.
"The Fed minutes' primary message is, by now, what the parade of Fed speakers since the last meeting have emphasized, that 'more restrictive' policy measures will be needed if inflationary pressures do not ease markedly," says Jamie Cox, managing partner for Virginia-based Harris Financial Group. "Markets have received the message loud and clear."
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"What got my attention was the reference to a potential pause at year-end," says Cliff Hodge, chief investment officer for North Carolina-based Cornerstone Wealth. "This is new,
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Shareholders in the company will get a dividend of three additional shares for each of the company's Class A common stock.
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