As a former Federal Reserve chair herself, now Treasury Secretary Janet Yellen should have known that her comments about the possibility of a need for an interest-rate hike would send markets in a tizzy, and by the end of the day she had walked back her remarks. No matter, it brought about a classic rotation — the technology-heavy Nasdaq Composite COMP, -1.88% dived 1.9%, while the Dow Jones Industrial Average DJIA, +0.06% actually rose slightly.
The hedge fund selling was most concentrated in the communications services and information technology sectors, according to the BofA data — i.e. the big tech winners that have thrived during the COVID-19 pandemic. Who’s buying? Retail clients were the only group to buy U.S. equities for the third week in a row and have been net buyers for 10 straight weeks, says Bank of America.
How whopping? Steve Englander, head of global G-10 currency strategy at Standard Chartered, said a payrolls number in excess of 2 million would scare investors, and anything above 1.5 million would cause “uncertainty.” In other words, the risk is that by Friday, traders might be talking like Yellen did on Tuesday.The economics calendar includes the ADP private-sector jobs report, and the Institute for Supply Management’s services index.
Facebook’s FB, -1.31% oversight board is due to rule on whether to reinstate the social media account of former President Donald Trump.
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