(News Bulletin 247) – Wall Street ended the session as it had started, with a gain of around 0.6% (for the S&P500)… but in the meantime, the US indices have twice lost almost all their advance (around 6:00 p.m., then 8:15 p.m.) before coming back to stumble on the opening levels, the session chart thus resembling a ‘W’.
Operators were expecting a calm session due to a lightened agenda on the economic statistics side… but irregularity dominated, before buyers took over: it was the ‘technos’ who got the hang of it. better off with gains of around 0.8% on the Nasdaq Composite and 0.7% on the Nasdaq-100.
Wall Street’s main compass – the VIX – moved in the right direction for buyers: it fell -4% towards 15, which deterred any manager from lightening their portfolio.
This first session of the week followed speeches by Jerome Powell and Christine Lagarde (who remained deliberately vague on rates and growth) delivered in Jackson Hole on Friday.
The stock markets could have ‘gamberger’ on the comments of the central bankers and remain volatile on Monday, but with 48 hours of hindsight, the specialists noted that the short speech of the boss of the Fed was entirely in line with previous press releases .
The markets hesitated between fearing rate hikes in November or dismissing this hypothesis, given the doubts about global growth: it was this second scenario that seemed to prevail over the last 90 minutes, with rates relaxed towards 4.210% on the 2033 T-Bonds.
The lines could move in the middle of the week with inflation data, then US employment statistics: it will start with the ADP numbers on Wednesday, then the ‘NFP’ on Friday.
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