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The S&P 500 is on the highs of the day, up 45 factors to 4742.
The 1% acquire comes after a flat begin and on the heels of a dip in Treasury yields. From there, it has been pure FOMO because the market has had little or no to digest.
One knowledge level could have helped to maneuver the needle: That was the NY Fed’s newest inflation expectations survey. It confirmed one-year inflation expectations on the lowest since Jan 2021 and at 3.0% from 3.4% a month in the past. Longer-term metrics additionally fell.
In any case, the S&P 500 has now retraced half of its year-opening slide. It must get above 4751 to interrupt the 61.8% Fibonacci stage.
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