- Moving the markets
In a repeat performance from yesterday, the major indexes rocketed higher right after the opening but then lost their mojo, headed below their respective unchanged lines but managed to eke out a small gain.
The S&P 500 hovers less than 1% from its record high in May and is having trouble breaking through that glass ceiling. The Dow and Nasdaq are also positioned within striking distance of their record levels with the former needing a 1.5% rally, while the latter has some 3.5% to go before reaching that lofty point.
Inflation fears and the uneven economic reopening seem to be keeping a lid on further advances, as is Friday’s upcoming big jobs report. After last month’s disaster, expectations are for 671k new nonfarm payrolls, considerably higher than April’s 266k, for which the whisper number was close to 1 million.
The most shorted stocks were subjected to an epic squeeze, their biggest since the chaos with GME in January, according to ZeroHedge. Small Caps rode another roller coaster and ended slightly in the red (VBK), while “value” again outperformed “growth.”
The US Dollar index was stuck in a world of its own with an early rip followed by a mid-day dip back to the unchanged line. Bond yields slid with the 10-year slipping to the 1.59% area. This allowed Gold to rise moderately and solidly its position above its recently conquered $1,900 level.
I expect more of the same tomorrow with trader’s being focused on Friday’s jobs report.Read More