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Nudging Higher After Fed-Induced Volatility

US STOCKS
  • The S&P e-mini heads towards the end of the session nudging 0.1% higher, sitting at the high of the day’s range see with notable volatility through the FOMC press conference.
  • A rally in US rates early into the presser helped ESU3 jump ~30 points to a session high of 4610.75 in a test of 4609.25 (Jul 20 high) after which lay a bull channel top at 4627.50.
  • It then abruptly unwound the rally in a move that stood out compared to the relatively mild paring of gains at the same time in fixed income. Some attributed the sell-off to Powell not seeing inflation get back at 2% until about 2025 although that seemed to be pushing it and indeed the contact has since rallied back to ~4600.
  • A near unchanged day for SPX (-0.02% at the close) came with two distinct leaders and laggards, with communication services +2.65% and IT -1.3%. Alphabet played an important role, rising +5.7% on the day after yesterday’s post-close earnings beat expectations, whilst Amazon slipped -0.9% after Politico reported the US Federal Trade Commission is finalizing an antitrust lawsuit against it.
  • Banks have also seen a strong day though with PACW bouncing back strongly with a 27% gain after yesterday’s slump on the BANC advanced talks of buying it. It saw the KBW index rising 1.9% with regional banks +4.1%.
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