There was a solid bid in US stocks all day but it accelerated as Powell brushed off inflationary concerns around tariffs. However after the FOMC press conference, there was strong round of profit-taking that took the S&P 500 down by 40 points from the highs.
- S&P 500 +1.1% – up 61 points to 5675
- Nasdaq Comp +1.4%
- DJIA +0.9%
- Russell 2000 +1.8%
- Toronto TSX Comp +1.6%
One thing that’s a red flag for me this week as that both today and on Monday, there was some heavy selling in the last 10 minutes of trade. That speaks to hedge funds derisking at the most-liquid time of day.
This article was written by Adam Button at www.forexlive.com.
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