[Chart courtesy of MarketWatch.com] Moving the markets The was no question as to what the driver was to pull the markets down in no uncertain terms. As I cautioned just yesterday, surging bond yields will affect markets eventually, and that moment arrived today as the 10-year yield catapulted towards the 3.23% level, but it eventually settled …
Equities See-Saw; Bonds Get Slaughtered
[Chart courtesy of MarketWatch.com] Moving the markets As we’ve seen in the recent past, an early rally ran into overhead resistance, as prices slipped for the remainder of the session. However, the major indexes were able to close in the green by a fraction of a percent as the Dow scored another intra-day record. The turnaround …
Dow Scores 14th Record This Year; Smallcaps Collapse
[Chart courtesy of MarketWatch.com] Moving the markets While the Dow managed to score not only a green close but also its 14th record of 2018, the S&P 500 and Nasdaq were the weaklings of the session and slipped slightly below their respective unchanged lines. In other parts of the world, the activity was more bearish as the China ETF FXI …
U.S.-Canada NAFTA Deal Propels Markets
[Chart courtesy of MarketWatch.com] Moving the markets Right after the opening bells, the major indexes went into rally mode, as news of a surprise U.S.-Canada new NAFTA trade agreement pushed the S&P 500 within shouting distance of its intraday record. Finally, some good news on trade after months of haggling and infighting within the various parties. The euphoric mood waned …
Slipping Off The Mid-Day Highs
[Chart courtesy of MarketWatch.com] Moving the markets An early rally was rebuffed mid-day when bullish momentum faded, and the indexes headed south. For a while, it looked like we’d be ending up in the red again, but last hour buying halted the S&P 500’s 4-session skid, and we closed modestly in the green. Some of this weakness was a hangover …
An Early ‘Hope’ Rally Runs Out Of Steam As Fed Hikes Rates
[Chart courtesy of MarketWatch.com] Moving the markets The Fed stepped up to the plate and delivered the 3rd 25 basis point interest rate hike this year, which was widely expected but hope for ‘accommodation’ still powered an early rally that ran out of steam once reality hit the markets. The major indexes reversed course, headed south and closed marginally in …