A strong day for US stock markets has evaporated following the FOMC minutes.
I warned about this ahead of the release but I'm surprised that the market didn't anticipate it better. The trend over the next couple months will be the Fed pushing back on market expectations for a lower terminal rate and for cuts in late 2023. So far, the bond market is holding its ground but both sides can't be right.
As for the Nasdaq, yesterday's rally failed and so has today's. That's not a good sign at all.
You would expect some buying of beaten-up tax loss trades but the buyers have been matched by fresh sellers.