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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessA Sharp Reversal Of Powell Driven Gains
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.