Stocks started the new week with another moderate gain, keeping the recent rebound going. There was an afternoon scare from the bond market that caused a brief sell off, but the bulls didn't waste time and bought it and pushed prices right back toward the highs of the day by the close. The Dow gained 146-points and bond yields were down helping small caps lead on the upside.
Stocks celebrated solid Magnificent 7 earnings from Microsoft and Alphabet on Friday as technology led the rally. The PCE Prices report came in a little hotter than expected on the personal consumption side, but yields didn't didn't rally and stocks were able to resume the bounce off the recent lows, after Thursday's shake out sell off. It's a very busy week filled with catalysts, so buckle up.
Stocks opened sharply lower on Thursday as investors digested the disappoint earnings announcement from Meta, a large capital gains tax increase proposal from President Biden, and a GDP report that came in weaker than expected but also showed some heightened inflation concerns. Most of the indices closed in negative territory but technically it may be considered a positive reversal day. The Dow was down over 700-points in early trading and it cut that in half by the close, and the other indices
Stocks were mostly flat on Wednesday but some shaky earnings after the bell from Meta and IBM may be setting a negative tone for the opening bell today and the relief rally will be put to the test early. The action was fairly flat with the indices closing well off the lows and the highs of the day, and landing somewhere in neutral territory for a pause in the rally. Bonds were down as yields inched higher.
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