S&P 500 reclaims 4700 as lack of fresh hawkish surprises from Powell spurs renewed dip demand By Frank_Macro SP500 Equities
aws closer and has recently crept back above the 4700 level. That means the index is trading with a gain of about 0.8% on the day and is up more than 2.8% versus Monday’s sub-4600 lows. The upside in US equities, which has been disproportionately concentrated in the recently heavily hit tech sector, was spurred in tandem with a reversal lower in US real and nominal bond yields after remarks from Fed Chair.
Traders were seemingly enthused by the lack of surprises/any fresh hawkish rhetoric to spur further hawkish Fed bets, hence the tech-led reversal higher in equities and lower in yields. Recall that long-term nominal and real yields had, prior to Tuesday, seen a massive rally since the start of 2021 that had hit long-term interest-sensitive equity sectors such as tech hard.
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