Wednesday 1 May 2024

Post Powell Depression

US equity indexes closed a little mixed, SPX -17pts (0.3%) at 5018. Nasdaq comp' -0.3%. Dow +0.2%. The Transports settled -0.3%. R2K +0.2%

SPX - daily

VIX - daily


US equities opened a little choppy, and whilst the market leaned a little weak, it was really just a holding pattern ahead of the Fed.

Rates were naturally left unchanged, although QT was surprisingly cut from $60bn to $25bn (from June onwards).

Equities saw a rally on the press release, and more so with Powell. However... the SPX cooled from 5096 to settle at 5018, for what was another ugly closing hour.

Volatility was ground lower, the VIX settling -1.7% to 15.39.

Extra charts in AH (usually around 5pm EDT) @

Goodnight from London


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