Afternoon Note
Major indices are pulling back from highs as rate cuts doubts creep in. This morning, Fed Williams seemed forced to walk back Powell’s comments that moved markets in a major way. Yields are also mixed with the 10-year yield hovering near 4.0%.
On the economic front, Flash PMI is a tale of two economies.
Solar stocks continue their strong moment and are the best performers in Technology. Mega cap also supports the sector performance. Old school safe havens are leading in losses today.
Today also marks a quarterly event known as “Quadruple witching,” a day where stock options, stock index futures and stock index options are all scheduled to mature. Expect heavy volume on the close for quarterly index rebalancing.
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