S&P 500 fails at key technical moving average as equity weakness continues Risk continues to struggle following Jerome Powell’s Jackson Hole remarks. Traders now look to Friday’s NFP report for clues to September FOMC meeting.
As mentioned, attention now shifts to Friday’s NFP report. Given the extremely tight nature of the labor market, Friday’s print could go a long way in determining whether the Fed goes 50 basis points or 75 bps at the September meeting. While there is another CPI print between now and then, the Fed could cool it’s tightening path should the labor market show signs of material weakness.
A reset of policy bets could see rate markets swing violently, which could bleed into equities. Should traders increase bets that the Fed will only go 50 bps, a cooling of US Treasury yields could offer a short-term boost for stocks. However, equities will also need to digest growing geopolitical tensions between China and Taiwan and weakness throughout Europe.The S&P 500 along with the Nasdaq 100 both remain penned in by their respective 50-day moving averages.
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