The major US stock indices day higher are ending the day higher as the markets get comfortable with the higher rates scenario.

The final numbers are showing:

  • Dow is up 303.70 points or 1.0% at 30668.54
  • S&P is up 54.53 points or 1.46% at 3790.00
  • Nasdaq is up 270.82 or 2.5% at 11099.16
  • Russell 2000 is up 23.31 points or 1.36% at 1731.13

Powell appeased the market by keeping the door open for a 50 BP hike in the July. Given the expectations for an end of year rate of 3.4%, it would imply 75, 50, 25 and 25 bp hike over the rest of the meetings this year.

Nevertheless, US yields moved lower across the curve:

  • 2 year -22.5 bps at 3.212%
  • 5 year -21.7 bps at 3.379%
  • 10 year -9.5 bps at 3.31%
  • 30 year -9.5 bps at 3.331%

The Nasdaq looks like it will avert closing below its 200 week MA this week. Yesterday, the price dipped below that MA at 10797.43, but closed back above the level. Today, the price put some room between it, and the MA level (closed at 11099.16).

Nasdaq
Nasdaq falls to the 200 week MA but bounces

Some big winners today included:

  • Beyond Meat, +13.95 %
  • Roblox, +10.64%
  • Boeing, +9.46%
  • DoorDash, +8.83%
  • Chewy, +8.10%
  • Snowflake, +7.61%
  • Netflix, +7.50%
  • Shopify, +7.41%

Some losers in the up day:

  • Schlumberger, =3.93%
  • Occidental -2.92%
  • Exxon Mobil -2.58%
  • Chevron, -1.96%
  • Dollar Tree, -0.95%
  • Lockheed Martin, -0.50%
  • Caterpillar, -0.33%