THE GIST (“THE WHAT”) Trading lower during the first half of the session, the S&P 500 index reversed most of the day’s losses in the afternoon session to close modestly lower ahead of the highly anticipated Fed policy meeting tomorrow. Energy stocks were the biggest drag on the broader index as oil prices pulled back (more…)
THE GIST (“THE WHAT”) The S&P 500 remains range bound as investors await key inflation data ahead of the Fed’s highly anticipated rate-setting meeting next week. Attempting to recover from early session losses, the index pulled back sharply in the afternoon session to close modestly lower at 4461.91, down 25.56 points (-0.57%) over the previous (more…)
THE GIST (“THE WHAT”) Posting a two-and-a-half week high, the S&P 500 index extended its recent gains, rallying sharply after weaker-than-expected economic releases bolstered the odds for the Fed to pause its rake hike campaign. All sectors traded higher, with mega-cap technology stocks leading the broader index higher as yields fell across the board. Note: Our (more…)
THE GIST (“THE WHAT”) Interest rate sensitive mega-cap stocks were sold-off ahead of crucial inflation data, sending the broader market lower. Selling intensified during the last hour of the rollercoaster session. The S&P 500 index closed the session near day’s lows at 4467.71, down 31.67 points (-0.70%). Note: Our daily “S&P 500 Trading plan” will be (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”) The S&P 500 index opened the holiday-shortened week on a bearish note ahead of Fed Chair Jerome Powell’s testimony tomorrow, giving back some of the last week’s sustained gains that pushed the index to a 14-month high. The index, however, clawed back most of the early session’s losses to close modestly (more…)
THE GIST (“THE WHAT”) Logging its best week since March, the S&P 500 index closed the session slightly lower at 4191.99, down 6.07 points (-0.41%). Opening higher, then index pulled back amid reports that the debt ceiling talks seemed stalled once again. Dovish comments by Fed Chair Powell late afternoon, however, helped cap the day’s (more…)
