|Day's range||2,975.86 - 3,006.02|
|52-week range||2,346.58 - 3,017.80|
It’s hard not to focus on the communication faux-pas from the New York Fed, but it seems too important to avoid. I flagged NY Fed president, John Williams, speech in yesterday’s ‘Daily Fix’ as a potential volatility event, suggesting the risk of guiding the market to 50bp was a low probability; but it was a risk.
If there is volatility, then it will likely remain centered around whether the Fed cuts 25 or 50-basis points. Some investors continue to say that the Fed must take the aggressive route because policymakers have to convince Wall Street that they are truly serious about providing the firepower needed to continue the current 10-year economic expansion.
Ahead of a big week for technology earnings, the Wells Fargo Investment Institute's Scott Wren predicts the trade war blame game is going to intensify.
Wall Street’s main stock indexes topped out and started their session-long retreat following a report that the Federal Reserve plans to cut interest rates by only a quarter percentage point at the end of the month.
When New York Fed President John Williams talked about the need to "vaccinate the economy" on Thursday, markets listened. In fact, as the U.S. central bank nears what is expected to be its first rate cut in a decade, global markets are hanging on to every clue about the upcoming decision to an unusual degree. Fed Chair Jerome Powell has set the table for an interest-rate cut but has failed to win consensus why one is needed.
Wall Street stocks finished a down week on a tepid note, falling after news of a tanker attack in the Middle East even as Boeing and oil-linked shares rallied. Stocks had been in positive territory through early afternoon, but fell decisively as Iran's Revolutionary Guards announced they had confiscated a British tanker in the strategic Strait of Hormuz -- a move that prompted swift criticism from the United States and Britain. The fall also roughly coincided with a Wall Street Journal report that the Federal Reserve is targeting a 25-basis point interest rate cut, rather than the larger 50-basis point cut that investors have thought might also be enacted.
St. Louis Fed President James Bullard said he would take the job of Fed chair if offered, but said he has not been called on to do so.
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.
Investing.com – What started as a solid stock market rally Friday was mostly wiped out by rising tensions in the Persian Gulf.
U.S. stocks pulled further back from their records on Friday to cap the weakest week for the S&P 500 since May. Reined-in expectations for how deeply the Federal Reserve will cut interest rates at its next meeting also weighed on stocks. The S&P 500 fell 18.50 points, or 0.6%, to 2,976.61.
The S&P; 500 broke down during the week but has shown a bit of resiliency just below the 3000 level. Ultimately, this is a market that looks to be going higher, and the strength overall should continue due to the central bank actions.
The stock market did very little during the trading session on Friday, going back and forth just above the 3000 handle. Quite frankly, this is a market that is bullish but on Friday people were willing to put a lot of money to work.
The US dollar has rallied significantly against the Japanese yen during the trading session on Friday, bouncing from significant support near the ¥107 level. This makes sense, as the pair is somewhat risk sensitive, and we did see a repricing of risk in the stock markets.
Wall Street's main indexes fell on Friday following a report that the Federal Reserve plans to cut interest rates by only a quarter-percentage point at the end of the month. The benchmark S&P 500 erased earlier marginal gains after a Wall Street Journal report on the Fed's plans. According to the report, while the U.S. central bank is not prepared to make a bigger 50-basis-point cut, it may make further rate cuts in the future given concerns about a decline in global economic growth and uncertainty about trade.
All three major indexes are in range of record highs, but, one technician sees trouble brewing in the market that could lead to a pullback, especially in this beleaguered corner of Wall Street.
Based on the early price action, the direction of the September E-mini S&P; 500 Index on Friday is likely to be determined by trader reaction to the downtrending Gann angle at 3007.50.
Investors will wake on July 24 to a new British prime minister. Boris Johnson, the face of the Leave campaign in the 2016 Brexit referendum, is -- if betting markets are to be believed -- almost certain to capture the majority of Conservative Party members' votes and become the new leader, beating foreign minister Jeremy Hunt into second place to succeed Theresa May.
Global equities firm as rate cut hopes are stoked but traders are cautioned not to expect too much from the FOMC.
International investors have long shunned, or in their parlance, “underweighted” the UK, according to various surveys since 2016. Not only have many foreign investors turned their backs, they are in no mood to step back in and buy UK assets when the likelihood is high that they can only become cheaper in local currency terms.