At-a-Glance
Key Takeaways with Craig
Markets are seeing mixed results today after traders saw strong selling pressure throughout the week in the equity markets. Looking today at equities, there was initial selling pressure coming broadly with the Unemployment Rate and Nonfarm Payrolls both came in worse than expected, and markets then rallied back to positive territory after carving out a bottom. The precious metals have traded higher on the week and Crude Oil is seeing a move higher today after strong selling pressure.
Throughout the week, as equity indices dropped in price, the CME Fed Watch Tool was pricing in a near 50% chance or rate cuts coming at the May meeting, and as traders are seeing markets rally higher on the season today, that figure changed to only a 30% chance of rate cuts in May. On the shorter term note, traders will have many economic indicators on inflation and employment in the coming weeks, including hearing Powell’s thoughts on the economy’s strength to see if the markets can find a near-term bottom or continue to sell off.
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