Michael P. Reinking, CFA
Sr. Market Strategist
Yesterday for the second consecutive day US equity markets rallied with the S&P 500 ending higher by 1.2%, bringing the WTD gains to just over 2%. The rally was broad based helped by multiple solid earnings reports, yields pulling back after a weaker than expected PMI reading, a reasonably well received record 2yr auction and the continued bounce in technology stocks that got hammered last week. Global markets traded well overnight with markets that are more tech exposed outperforming helped by Texas Instrument results that were better than feared after some of last week’s reports. The Nikkei, Hang Seng and Kospi indices were all up >2%. European indices are also trading modestly higher. S&P futures have been holding on to modest gains overnight but are off the best levels currently trading ~0.1% above fair-value as yields have started to move a bit higher especially at the long end of the curve. The last two days were the “easy” part of the oversold bounce. Yesterday’s rally let the S&P 500 just below the area where it topped out on both Tuesday and Wednesday, with the 20/50d moving averages about 1% above current levels. These will be key areas to watch as the market tries to technically repair itself.
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