S&P 500 dips to low 4300s as momentum from Monday’s late session rally fails to carry through By Frank_Macro SP500 Equities
rn for the worse again. The S&P 500, which recovered a more than 4.0% dip to as lows as the 4220s on Monday to close above 4400, is trading about 1.6% lower on Tuesday in the 4320 area, though has admittedly recovered from a brief dip under 4300. At current levels, the index now trades with losses of about 1.9% on the week and 9.5% on the month. If the S&P 500 closes at current levels, it will confirm a correction from recent record highs printed back at the start of the year above 4800.
Strong Q4 earnings releases from blue-chip companies 3M and IBM failed to lift the mood, with markets instead opting to fret about the potential outcome of Wednesday'spolicy announcement. The two-day Fed meeting kicks off on Tuesday and the bank is expected to give the green light to multiple rate hikes in 2022 as well some ideas for potential quantitative tightening plans.
Index, which nearly went as high as 40.00 on Monday, its highest since November 2020 at the time, was stable in the 32.50 area.
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