S&P 500 Holds Bounce Before Non-Farm Payrolls Today
Talking points include the S&P 500, FED, Boston, China, Crude Oil, OPEC+, US Dollar, Gold, and NZD.
- Going into Friday’s session, the S&P 500 has had a respite.
- Chinese lockdowns and Fed tightening are lowering economic expectations.
- All eyes will be on today’s US non-farm payrolls. The S&P 500 will it rise?
The S&P 500 originally tested lower before ending the cash session up 0.30%. Futures indicate that trade will begin slowly today. The aggressive stance of the Federal Reserve and China’s meagre economic prospects seem to be obstructing the prognosis for global growth.
Raphael Bostic, president of the Atlanta Federal Reserve, added to his overnight hawkish commentary by stating that “when you push demand down, it carries the potential of slowing the economy down.” Additionally, he used the R-word. The yield on 2-year Treasury bonds is still close to a 15-year high.
As long as the zero-case Covid-19 policy is in effect, the Chinese city of Chengdu has been placed under lockdown. There are power outages and drought conditions in the Sichuan district’s 21 million-person metropolis.
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