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A Sharp Reversal Of Powell Driven Gains

US STOCKS
  • US stock markets have seen a sharp reversal of earlier Powell Q&A-driven gains, larger relatively speaking than the paring seen in Treasuries.
  • ESM4 is back at 5060.25 (-0.15%) for only ~10pts higher post-FOMC, off its high of 5126.75 in a move closer to resistance at 5132.17 (20-day EMA). The contract is seen in a bearish cycle with support at 5022.25 (Apr 25 low) after which lies the bear trigger at 4963.50 (Apr 19 low).
  • As before the FOMC, gains are led by utilities (+1.2%) across a range of names and communication services (+1.0%). The press conference has done little for energy (-1.5%) with WTI still below $80 after earlier inventory data, but IT (-0.8%) pares losses although is still under pressure courtesy of semiconductors.
  • In particular, Nvidia remains -2.8% vs -5% earlier, with declines attributed to concerns for the broader sector outlook after AMD’s presentation (AMD -8.6%).
  • The Nasdaq 100 underperforms (-0.4%) whilst the Russell 2000 (+0.4%) and Dow Jones (+0.3%) outperform.
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