US equity indexes closed broadly lower, SPX -35pts (0.8%) at 4411. Nasdaq comp' -0.8%. Dow -1.1%. The Transports settled -0.8%. R2K -1.6%.
SPX - daily
VIX - daily
Summary
US equities were moderately lower in pre-market, but took another wave lower on far better than expected ADP jobs data. Mr Market is indeed back to 'good news is bad news' mode, on the concern of more rate hikes.
As should have become clear from around 2009, the only thing that the market really cares about is the 'easy money'. The Fed's ongoing QT and regular rate hikes is seen as the worse thing by the financial elite.
The US 10yr broke above psy' 4.00%, which upset some of the 'smart guys' and the mainstream media hacks.
Equities duly opened broadly lower, with the SPX spiraling to 4385. From there, a recovery into the mid afternoon to 4415, and settling at 4411.
Volatility spiked, the VIX printing 17.08, if cooling back to settle +8.9% to 15.44.
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| Another day closer to the end |
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