THE GIST (“THE WHAT”) The S&P 500 index snapped a four-day losing streak following optimistic economic data and strong earnings. Gains, however, were capped as yields rose midsession following hawkish comments by Fed Governor Bowman and NY Fed President Williams. The index closed the session with a modest gain of 40.41 points (0.90%) at 4518.44. (more…)
THE GIST (“THE WHAT”) Gapping higher at the open, the S&P 500 index struggled to maintain the gains after hitting a 16-month high. Eventually giving up gains during the afternoon session, the index tumbled as yields jumped higher following reports that the Bank of Japan could raise its long-term interest rates. The index closed the (more…)
THE GIST (“THE WHAT”) The highly awaited Fed policy decision proved to be non-event after the Fed raised its benchmark interest rate by 25 basis points, hiking for the 11th time in past 12 policy meetings, pushing the fed funds target range to a 22-year high of 5.25% to 5.50%. The S&P 500 index closed (more…)
THE GIST (“THE WHAT”) Inching higher, the S&P 500 index registered a fifteen and a half month high led by mega-cap tech stocks ahead of big tech earnings. Stronger-than-expected U.S. July consumer confidence further bolstered equities, raising the odds of a soft landing of the economy. Gains, however, were limited ahead of Fed’s policy decision (more…)
THE GIST (“THE WHAT”) Netflix and Tesla extended their previous session’s declines as investors digested disappointing earnings, weighing down on the tech sector and capping gains within the broader S&P 500 index. The index managed to eke out nominal gains led by utility stocks alongside sliding yields, closing the session at 4536.35, up slightly by (more…)
HE GIST (“THE WHAT”) Disappointing results by Netflix and Tesla sparked a sell-off in technology stocks, weighing down on the broader index. Yields jumped following fresh round of economic data that supported ‘higher for longer’ Fed’s policy stance, further dampening sentiment. The S&P 500 index fell 30.85 points (0.68%) to close at 4534.86. Note: Our daily (more…)
THE GIST (“THE WHAT”) Consolidating near 15-month highs, the S&P 500 index traded sideways ahead of mega-tech earnings. Bank stocks extended their gains in the wake of better than expected second quarter earnings results, while tech stocks gave up some of their recent gains following a strong recent rally. The index closed today’s choppy session (more…)
THE GIST (“THE WHAT”) The S&P 500 index edged higher as investors digest second quarter earnings. Financials and technology stocks gain ahead of the next round of earnings this week. The index closed the session with a modest gain of 17.37 points (0.39%) at 4522.78. Note: Our daily “S&P 500 Trading plan” will be posted around (more…)
THE GIST (“THE WHAT”) The S&P 500 index rallied at the open following strong second quarter earnings releases by big banks. The rally faded mid-session as investors digested an unexpected jump in the University of Michigan’s U.S. July inflation expectations indicator and hawkish comments by Fed officials. Erasing early session gains, the index closed slightly (more…)
THE GIST (“THE WHAT”) Extending previous session’s gains, the S&P 500 index rallied higher to close above the closely watched 4500 level after June’s PPI data showed that inflation is subsiding, increasing the odds that the Fed could be nearing an end to its aggressive monetary tightening policy. Gapping higher at the open, the index (more…)
