THE GIST (“THE WHAT”) The S&P 500 index rallied on optimism that the debt ceiling negotiation is progressing towards a deal in order to avert a potentially catastrophic default. A strong rebound in regional bank stocks also fueled the day’s gains. The index closed the session near 2 weeks high at 4158.78, up 48.89 points (more…)
THE GIST (“THE WHAT”) Debt ceiling stalemate ahead of a looming deadline continued to weigh down on the broader market sentiment. Trading sideways in a tight range for most part of the session, the S&P 500 index closed the choppy session at day’s lows at 4109.89, down 26.38 points (-0.64%). Note: Our daily “S&P 500 Trading (more…)
THE GIST (“THE WHAT”) Markets remain in a holding pattern with the debt ceiling negotiations expected to resume tomorrow. S&P 500 index closed the first trading day of the week with modest gains of 12.20 points at 4136.27 (+0.30%) amid hopes that the negotiations could result in some resolution in order to avoid a default (more…)
THE GIST (“THE WHAT”) The S&P 500 index traded within the 4150 and 4100 price band the entire week as uncertainty around the debt ceiling and ongoing banking turmoil capped optimism around the first quarterly earnings. Opening higher, the index gave up gains following a disappointing consumer sentiment data only to test the psychologically important (more…)
THE GIST (“THE WHAT”) The S&P 500 index remains range bound, stuck between 4100 and 4185 as markets navigate through an unchartered territory of rising interest rates, sticky inflation and a looming U.S. debt crisis. Trading directionless within yesterday’s range, the index closed slightly lower at 4130.63, down 7 points (-0.71%). Note: Our daily “S&P 500 (more…)
THE GIST (“THE WHAT”) A better-than-feared CPI read sparked hopes that the Fed might be nearing its monetary tightening cycle, sending mega-cap Tech stocks higher and pushing the broader index to close today’s session with modest gains. Early session gains, however lost steam as investors digested the inflation read. But finding a strong support at (more…)
THE GIST (“THE WHAT”) Gapping down at the open, the index struggled to find direction, trading within a tight range on a low volume day ahead of key inflation reading tomorrow, closing at 4119.18, down 18.95 points (-0.46%). Debt ceiling standoff also weighed down on investor sentiment. Note: Our daily “S&P 500 Trading plan” will be (more…)
THE GIST (“THE WHAT”) The S&P 500 index closed a very choppy session mostly flat at 4138.12, up 1.87 points, consolidating near last Friday’s highs amid ongoing debt ceiling stalemate and ahead of key inflation reading on Wednesday. An early session rebound in the recently battered regional stocks after PacWest BanCorp announced a sharp cut (more…)
THE GIST (“THE WHAT”) Financials and Energy stocks led the S&P 500 index lower for the fourth session in a row, closing a choppy session at 4061.23, down 29.51 points (-0.72%). Investors digested Fed’s 10th consecutive rate hike this cycle, alongside Powell’s comments that a pause in the hiking cycle might be too soon to (more…)
THE GIST (“THE WHAT”) The S&P 500 index closed the session lower after the Federal Reserve raised rates by 25 basis point, its 10th consecutive rate hike in its attempt to fight inflation. Markets pulled back alongside Jerome Powell’s press conference when he did not rule out additional rate hikes if warranted. The index closed (more…)
