Stocks moved sharply lower yesterday after opening sharply higher. It was, as expected, a reasonably volatile day, with many surprise turns, given that Nvidia (NASDAQ:finished lower by around 75 bps. There was a 1.4% reversal in the S&P 500 overall intraday, while theThe CDX High Yield Index started the day lower but finished the day higher, with high yield spreads widening overall.Yesterday’s economic data pointed to a strong economy and inflation that won’t go away.
This would suggest that the 2-year rise back to 5.25% or higher. The 2-year rate is now back to trading at around 4.95%, which is knocking on the door of 5%. Of course, once we clear that 5% level of resistance, 5.25% may not be too far behind. So yeah, a lot is happening in the market and lots to consider. But today is Friday, and the markets are closed on Monday, so enjoy the long weekend.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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