S&P 500 holds 3620 level, squeezes through 3700 with ease. Nasdaq 100 builds on Monday’s strong close, 11500 eyed. Bank of England pivots to prevent chaos in domestic bond market.
Risk is flying during the US session as traders digest major news out of the UK, where the Bank of England announced a major policy pivot after days of major market fluctuations. The BoE announced the suspension of planned gilt sales, while also stating that the bank will purchase longer-dated bonds on a temporary basis. The move comes following a major rout of theand gilt markets, which both saw declines of historic proportions.
Following the announcement this morning, US markets soared as traders moved to price in bets that the Federal Reserve could soon follow the Old Lady in changing course. The potential for a pivot has seen a sharp decline in theIndex as well as US Treasury yields, which has offered equities a major boost. The 2-year Treasury yield is down more than 20 bps from the weekly high of 4.36%, while the 10-year yield continues to retreat away from 4%.
The bid into USTs allowed for a major ramp in risk assets during the US session, with S&P 500 futures soaring out of the 3620 support zone. Price has since sliced right through each resistance level during its ascent, with ES returning to the battleground at 3720. The relentless push by bulls to return the auction to this area over the last week is meaningful, and indicates that they are not quite ready to give way at the June lows.
Equity markets have yet to see material downgrades to 2023 earnings estimates, as many still feel a “soft landing” is possible. With such a hot labor market, the Fed has made it clear that the primary focus is inflation. As corporate America kisses goodbye to an era of “easy money,” the focus now turns to which companies can post meaningful earnings that aren’t fueled by stock buybacks.
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