[Chart courtesy of MarketWatch.com] Moving the markets Today was comeback day with the S&P 500, after having fallen for two straight weeks, finally receiving a boost, along with the other major indexes, to end the session in the green. The Nasdaq led the charge with a gain of over 2%. Some analysts contributed this bounce to sentiment and positioning as …
Snaking Aimlessly Along The Unchanged Lines
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes snaked aimlessly above and below their respective unchanged lines without making headway, as ephemeral gains were quickly surrendered with uncertainty about interest rates, while a flood of upcoming earnings reports kept the bulls and bears in check. It was a rollercoaster ride with the 10-year bond yield touching 2.88%, which …
Sliding Into The Easter Weekend
[Chart courtesy of MarketWatch.com] Moving the markets Another early rally bit the dust with the major indexes surrendering morning gains and the S&P 500 and Nasdaq also giving back yesterday’s advances. Added CNBC: The S&P 500 is down 2% for the week on inflation fears as a Tuesday CPI report showed price increases not seen since 1981. The Nasdaq Composite …
Positive Earnings Win Tug-Of-War With Surging Inflation
[Chart courtesy of MarketWatch.com] Moving the markets After three consecutive losing sessions, the major indexes managed to score a win, despite another horrific inflation number, which traders simply overlooked. Some corporate earnings came in better than expected (BlackRock, Fastenal, Delta) with the latter one announcing the return to profitability this quarter. Other airlines, hotel, and travel stocks joined the rebound, …
CPI Reaction: Melting Up—Then Melting Down
[Chart courtesy of MarketWatch.com] Moving the markets Despite the CPI coming in at an annual rate of 8.5%, worse than expected (8.4%), the fact that the index increased a horrible 1.2% MoM was simply ignored, as traders, and computer algos were encouraged by the Core CPI (excluding food and energy), which “only” rose 0.3% in March vs. an expected gain …
Soaring Bond Yields Slam Equities
[Chart courtesy of MarketWatch.com] Moving the markets There was no question as to who oversaw market direction today. With bond yields soaring, and the 10-year spiking to 2.78%, its highest level since January 2019 when it topped out at 2.799%, the bears clearly had the upper hand. The major indexes got smacked with the Nasdaq leading the downturn by surrendering …