[Chart courtesy of MarketWatch.com] Moving the markets There was no question that spiking bond yields were the destroyer of equity prices, with the major indexes tanking in unison right after the opening bell. A couple of rebound attempts were rebuffed, and the downward trend continued with the Nasdaq faring the worst with a loss of 2.83%. Bond yields shot up …
Surging Bond Yields Neutralize Equities
[Chart courtesy of MarketWatch.com] Moving the markets An early bounce faded throughout the session with only the Dow maintaining bullish tendencies, while the S&P 500 and Nasdaq drifted aimlessly below their respective unchanged lines. The final week of a volatile September caused this divergence in the major indexes with growth/tech stocks struggling as bond yields spiked, with the 10-year briefly …
Comeback Rally Shifts Into Overdrive
[Chart courtesy of MarketWatch.com] Moving the markets The continuing crisis in China with their worsening Evergrande developer spectacle and potential default in the hundreds of billions of dollars, was simply moved to back burner, at least for this session. However, this fact remains: But the elephant in the room is not the write down of a modest $18 billion in …
Fed Stokes Markets
[Chart courtesy of MarketWatch.com] Moving the markets Despite the Fed’s (FOMC) most hawkish statement in 3 years, the markets took it as a positive and propelled the major indexes out of their recent doldrums, with all 3 of them advancing around 1% for the session. Support for stocks came from the fact that the Fed will not initiate an immediate …
Signs Of Lethargy
[Chart courtesy of MarketWatch.com] Moving the markets An early bounce, indicating dip buyers stepping in to take advantage of lower prices because of yesterday’s slam, ran out of steam with the major indexes lacking bullish conviction to turn this session into a turnaround Tuesday. Despite valiant efforts, the Dow and the S&P 500 gave up all early gains and slipped …
Pummeled And Beaten
[Chart courtesy of MarketWatch.com] Moving the markets The market mantra of the past few weeks of “digging a hole and climbing out of it” failed miserably today, as dip buyers remained conspicuously absent thereby handing the directional baton to the bears. A host of factors combined forces to pull the markets down, including Delta troubles, Fed taper talk, the upcoming …