2023-08-28 21:52:03
Wall Street ended as the session had started, with a gain of +0.6% (for the S&P500)… but in the meantime, the US indices lost almost all of their lead twice (around 6 p.m. then 8:15 p.m.) before bumping back to the opening levels, the session chart looking like a ‘W’.
Operators were expecting a calm session due to a lightened agenda on the economic statistics side… but the irregularity dominated, before the buyers took over: it was the ‘technos’ who got away with it. better with +0.85% on the Nasdaq Composite and the Nasdaq-100 (+0.75%).
Wall-Street’s main compass – the VIX – has moved in the right direction for buyers: it has eased by -4% towards 15.00, which deters any manager from reducing his portfolio.
This first session of the week is the one that followed the speeches by Jerome Powell and Christine Lagarde (who remained deliberately vague on rates and growth) delivered in Jackson Hole on Friday.
The markets could have ‘gamberger’ on the remarks of the central bankers and remain volatile on Monday, but with 48 hours of hindsight, the specialists note that the short speech of the boss of the FED is completely in line with the previous press releases.
The markets are swinging between fears of a rate hike in November or dismissing this hypothesis given the doubts on global growth: it is this second scenario which has seemed to prevail over the last 90 minutes, with rates feeling relaxed from -3.8 Pts to 4.210% on the 2033 T-Bonds.
The lines could move in the middle of the week with inflation data and then employment statistics in the United States: it will start with the ADP figures on Wednesday then the ‘NFP’ on Friday.
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