1) All the major averages chopped around as investors digested Fed Powell’s hawkish comments regarding inflation and awaited quarter-end rebalancing tomorrow. Tech outperformed on the back of lower bond yields.
$SPX: -0.1%
$NDX: +0.2%
$INDU: +0.3%
2) Treasury yields eased as Fed Chairman Jerome Powell acknowledged the risk that the U.S. central banks interest rate hikes could slow the economy too much, but he said the bigger risk is persistent inflation. Yields declined across the curve.
3) $TLT continuing to bounce off the lows and should continue to support $QQQ outperformance.
4) On a sector level, Energy was today’s worst performer as JP reiterated his commitment to fight inflation. Safe-haven sectors outperformed.
5) Tomorrow’s important economic releases include Core PCE Price Index, Initial Jobless Claims, Personal Spending, and Chicago PMI.
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