Daily changes:
- S&P 500 +1.6%
- Nasdaq Comp +2.0%
- DJIA +1.2%
- Russell 2000 +1.3%
- Toronto TSX +1.2%
Weekly changes:
- S&P 500 +1.9%
- Nasdaq Comp +2.6%
- Russell 2000 2.7%
- Toronto TSX +1.7%
Greg highlighted the technical earlier and how the S&P 500 has quickly comeback from a trip below the 200-dma.
The weekly chart shows a nice bounce but it didn't get above last week's intraday high.
SPX weekly
What's been driving markets is the hope that the Fed is near a top. Fed funds are pricing in 5.44% in July and 2-year yields nearly hit 5% earlier this week. That's led to a wave of speculation that we hit the top in yields and rate hike expectations and the hope that all the risks are towards rate cuts after July.
It's been an impressive flood of money and that was emphasized with the huge gains today.