Markets
Here are today’s market moves:
S&P 500 down 0.11% to 4,241.84
Dow Jones down 0.21% to 33,874.24
Nasdaq up 0.13% to 14,271.73
Bitcoin: $33,427
US10Y: 1.485%
What Happened?
The S&P 500 fell on Wednesday, snapping a two-day winning streak. Meanwhile, the Nasdaq hit its 16th record close of the year.
Major indexes are trading near all-time highs as the economy continues to recover from the pandemic and investors take the Fed’s word that the recent rise in inflation is transitory.
The S&P 500 has gained nearly 90% since its March 2020 low after the Fed lowered interest rates to 0% and provided massive liquidity to calm markets.
Markets briefly sold off last week after Fed officials indicated they expect to raise interest rates by late 2023, sooner than expected.
Bitcoin and other cryptocurrencies rebounded on Wednesday after a volatile few days of trading. It seems it is too early to tell if this is “the bottom” or just a temporary floor before further downside.
What Else?
This Week
Tuesday: Existing homes sales report.
Wednesday: Earnings expected from IHS Markit.
Thursday: Earnings expected from FedEx, and Nike. Weekly jobless claims.
Friday: Earnings expected from Carmax and Paychex.