Wild Market Day as S&P Tested Support, Bounced, Finished Flat
US stocsk climbed from their lows heading into the close led by gains in tech shares and a report that the Fed is reconsidering its rate hike strategy.
The S&P 500 finished flat to unchanged
Crude Oil off on concern that the rate of global economic growth has peaked at the same time central banks have scaled back stimulus.
The report said Fed officials do not know what their next move on rates will be after December.
Traders have started to doubt the Fed will raise rates even once next year as economic growth falters.
Crude Oil continued to be a drag on financial markets, with WTI Crude Oil back to $51 bbl as OPEC ministers seek a deal to cut output.
Some of the main market moves
The KBW bank index is down almost 8% in 2 days to the lowest since September 2017.
FAANGs: Amazon (AMZN) Netflix (NFLX), Alphabet (GOOGL) and Facebook (FB) all rose.
Energy producers tumbled 2.6% as Crude Oil slumped to $51 a barrel.
The front end of the yield curve led US Treasuries higher, helped by a large block trade in 2-year futures
Traders pointed to a number of other catalysts for the renewed risk-off tone that’s gripping financial markets. Bank of Japan Governor Haruhiko Kuroda said economic risks from abroad could be severe, and the Fed’s Beige Book report showed fading optimism over growth prospects at US firms even as most districts continued to report a modest expansion.
Thursday, the major US stock market indexes finished at: DJIA 24,947.67 – 79.49, NAS Comp 7,188.86 + 21.83, S&P 500 2,695.95 – 4.11
Volume: Trade on the NYSE came in at 1.3-B/shares exchanged
- NAS Comp +4.1% YTD
- DJIA +0.9% YTD
- S&P 500 +0.8% YTD
- Russell 2000 -3.9% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis
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