US equity indexes closed powerfully lower, SPX -178pts (2.9%) at 5872. Nasdaq comp' -3.6%. Dow -2.6%. The Transports settled -2.8%. R2K -4.4%
SPX - daily
VIX - daily
Summary
US equity indexes opened a little mixed, with a little push upward, the SPX printing 6070, just 29pts shy of the recent hist' high. There was a natural holding pattern... the Powell duly arriving at 2.30pm...
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| "The economy is strong overall" |
Powell effectively touted #everythingsfine , and despite rate cut'3 of -25bps, the market took a dive.
Call it a s/t washout, call it whatever you want, but as I've said for years... 'good luck with your rate cuts', which are the ultimate equity sell signal.
With equities diving, volatility spiked the VIX printing 28.32, and settling +74.0% at 27.62
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Goodnight
from London
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