Market Snapshot
Happy Friday, Apes
We did it! The debt ceiling deal has officially passed through the House and will now head to the Senate, where it is widely expected to pass as well.
Markets were reinvigorated Thursday in a whiplash rally with tech at the center. Technology stocks have been temperamental lately, dictating the direction of the entire market. Wednesday, they chose violence, but yesterday, they soared, driven by chipmakers yet again.
Bond yields fell in reaction to some weak factory data. A slate of employment reports came out, including Initial Jobless Claims and the ADP employment change, both of which came in ahead of consensus.
Outside of that, investors will be gearing up for Nonfarm Payroll numbers today, which will be a key report ahead of the Fed meeting.
Speaking of the Fed, a few Regional Bank Presidents have been pretty chatty lately, the most recent being Philadelphia’s Patrick Harker. In his view, the Fed should skip a rate increase at the upcoming meeting.
The S&P reclaimed a key technical level above 4,200 and is now up 10% YTD. According to a popular indicator from Bank of America that compiles Wall Street strategists’ opinions, this is the closest it has been to signaling “buy” since 2017.
Let’s get into it.
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