stocks jumped and bond yields slid after the minutes from the last federal reserve policy meeting were less hawkish than investors feared and reaffirmed the slowing of rate hikes its largely as expected i think the fed is saying theyre going to slow the pace its about the terminal rate and i generally dont think they know exactly where the terminal rate is going to lie said greg faranello of amerivet securities theyll notch up another 50 basis points in december and well see how the data goes in 2023 a basis point equals 001 of a percentage point the market expects a terminal rate or end point for fed rate hikes at about 5 the minutes showed that a majority of fed officials believe a slowing in the pace of rate hikes would soon be appropriate the market has been anticipating a 50 basis point hike in december following four hikes of 75 basis points each the minutes also noted that a slower pace would allow the fed to assess whether it is making progress toward its goals of maximum employment and price stability not particularly surprising but with several officials seeing increased risks from rapid rate hikes the committee is clearly acknowledging that the hiking campaign is not going to be without consequence for the real economy wrote ian lyngen head of rates strategy at bmo citi downgrades medtronic says company will face challenges into 2023 its getting harder to believe in medtronic  citi warned analyst joanne wuensch downgraded the stock to neutral from buy and lowered its price target to 85 per share which still presents an upside of about 91 she said in a note to clients half what hurt the companys performance in its most recent quarter was due to broader economic conditions while the other half was due to issues within the business the health technology company beat analyst expectations for pershare earnings while missing on revenue according to its tuesday earnings report company management attributed the miss on revenue to a slower recovery in procedures that utilize company products than expected as well as challenges related to foreign exchange supply chain staffing and china the company also lowered expectations for 2023 while saying it thinks it can get expenses controlled by the second quarter however wuensch said its still getting harder to support the stock which has lost 246 since the start of 2022 while we believe that management has a handle on the headwinds negatively impacting fy2q23 resulting in the fy23 guide down the timing to resolution is less certain wuensch said in a note to clients the sp 500 has a key chart point in its sights and that may determine how it trades into yearend the 200day moving average at 4059 is the next big hurdle for the sp 500 the 200day is a momentum indicator based on the average of the last 200 closing levels the sp 500 was at 4019 wednesday morning redler who follows shortterm technicals said the next point of reference is the nov 15 high of 4029 yesterday the consolidation triggered to the bullish side when the sp took out 3980 he said after it takes out the 200day the sp could hit a high of 4080 some technical analysts are predicting a move to 4150 before year end historically thanksgiving week tends to be a better week redler said now the question is can we sustain this early strength people are eyeing whether this thanksgiving move can put us on track for the 200day and 4080 redler expects the market to get choppier after the new year everyone wants to be long but doesnt want to get caught can the market thread the needle to 4150 before looking out to earnings in 2023 he said dclas sethi says old playbook sectors should lead us out of this rout oil stocks may cap off 2022 as the clear market winners in this years market shakeup but investors should prepare for financials and industrial stocks to take the reigns in 2023 said dclas sarat sethi theyre still going to do well but i dont think theyre going to lead us out of there he told cnbcs squawk on the street on wednesday i think financials could lead us out of there as could certain industrials to be sure sethi expects oil and gas companies to remain in leadership positions but sees untapped value in many old playbook companies sethi did not offer specific stock picks but broadly said some industrial companies offer strong pricing power and continue to optimize their balance sheets and create operating leverage companies in the commodities space may also perform well as demand for certain metals outweighs supply the playbook is different and i think investors have to look at specific sectors specific companies not just kind of say hey everything is going to ride he said sofis liz young says she expects this is another bear market rally sofis liz young said she expects that stocks are in yet another bear market rally i think weve seen this a couple times already in this otherwise downtrending market pointing to the twomonth rally from june to august and the twomonth downtrend from august to october young said tuesday on cnbcs closing bell overtime were only a little bit more than a month into this unfortunately i do think that this is another bear market rally young added whats more the head of investment strategy at sofi does not expect a santa claus rally ahead given challenges to consumer spending during this years holiday season young said investors can hide in more defensive sectors of the market such as financials health care and even utilities apart from the stock market investors should start looking at the shorter end of the treasury curve she said