The rebound in the S&P 500 followed a five-day selloff that put the equity gauge on the cusp of an important technical indicator: its average price of the past 100 days. The tech-heavy Nasdaq 100 outperformed, led by gains in giants Apple Inc. and Amazon.com Inc. Treasuries also reversed course Thursday, with 10-year yields on the rise and approaching the 3.5% mark.
“Presumably if the Fed is pivoting this time around, it’s not for a good reason. It’s a deteriorating fundamental picture,” Joyce Chang, chair of global research at JPMorgan, told Bloomberg Television. “I mean, is that really a reason to be buying risk? I think it’s premature to say that there is a Fed pivot.”
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