Free Trial

Stocks Spiral as S&P Chews Through Support

EQUITIES

A neutral and defensive approach from the Fed Chair Powell in an appearance with the WSJ sent risk sentiment spiralling into the close as the Fed Chair declined to drop any heavy hints on further policy support to combat recent volatility in bond yields.

  • Equities were sold while Treasury yields shot higher, with the show above 1.5% enough to unsettle equity bulls. The e-mini S&P slipped through the 50-dma and 3685 to open 3727.95 which marks the next downside level.
  • Consumer discretionary and tech names were hit hardest, with energy the sole sector in the green as further buoyancy in oil prices on renewed production curbs at OPEC+ pushed WTI to new cycle highs.
  • In Europe, UK indices underperformed, while Spain's IBEX-35 and the Italian FTSE-MIB traded well.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

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.