[Chart courtesy of MarketWatch.com] Moving the markets Continued weak economic data points soured traders’ motivation to drive the indexes higher. As a result, the Nasdaq recorded its 3rd straight loss, while only the Dow was able to eke out a green close. The latest ADP private payroll report was another disappointment, after yesterday’s dreadful data, because it showed slowing job …
When Bad News Is Bad News
[Chart courtesy of MarketWatch.com] Moving the markets The markets pulled back right after the opening, in part due to uncertainty about yesterday’s spike in oil prices and how it might affect the global economic environment. Not helping matters were a host of econ data showing that a slowdown had indeed arrived, as the Labor market appears to have fractured with …
Oil Spike Summons Stagflation
[Chart courtesy of MarketWatch.com] Moving the markets The unexpected overnight surprise came from OPEC+, which announced that they were slashing their oil output by 1.16 million barrels per day. The reaction was swift, with oil prices jumping over 6% and holding that level throughout the session. The major indexes reacted mixed, with the Dow rallying, the Nasdaq sinking and the …
Maintaining Altitude
[Chart courtesy of MarketWatch.com] Moving the markets Again, the belief prevailed on Wall Street that the worst of the regional banking crisis is now in the rearview mirror, which caused traders and algos to push the major indexes higher for the second day in a row. Jobless claims dropped moderately but have not gone anywhere in four months, thereby supporting …
Is The Worst Of The Banking Crisis Over?
[Chart courtesy of MarketWatch.com] Moving the markets Judging by today’s rebound, it appears that traders and algos alike were no longer concerned with the state of the banking sector, nor if or when the Fed might shift into easing mode. None of it mattered, as sentiment maintained its bullish influence, with the S&P 500 reclaiming its 4,000 level—also helped by …
Fluctuating Below The Unchanged Line
[Chart courtesy of MarketWatch.com] Moving the markets Just like yesterday, climbing bond yields kept a lid on bullish sentiment, as the major indexes bounced around their respective unchanged lines before sauntering into red territory, where they closed with minor losses. The S&P and Nasdaq erased yesterday’s gains and never saw “green” during this session. There was no apparent driver …