US equity indexes mostly closed on a weak note, SPX -6pts (0.1%) at 4349. Nasdaq comp' +0.02%. Dow -0.4%. The Transports settled -1.0%. R2K -1.4%.
SPX - daily
VIX - daily
Summary
US equities opened significantly higher, with the SPX pushing to 4444 ahead of the Fed. The press release from Print Central saw a spike to 4453... but from there it was broadly downhill... due to the Powell.
More than anything, the market was increasingly annoyed with any mention of the balance sheet. Whilst the printers are still spinning, Powell's mention of actual reductions in the balance sheet sure didn't please the capital markets.
The late afternoon saw distinct weakness, with the SPX turning significantly lower to 4304, if recovering to settle at 4349.
Volatility was very mixed, the the VIX printing 33.04, if settling +2.6% to 31.96.
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| ... and once more... night must fall. |
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Goodnight
from London
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