At-a-Glance
Today’s Top Highlights
*There will be no InFocus Report tomorrow due to travel schedules*
After the Fed meeting and hearing what Warsh said yesterday, the equities and precious metals both saw selling pressure into the close seeing there could be even more rate hikes coming for the remainder of the year. As the markets opened today, the equities were able to broadly see prices rise which was led by the Nasdaq, trading up near 1.75%. Looking at the Nasdaq specifically, the market has respected the “floor” in the market going back to March even with the general downturn we have seen over the last few weeks. This week, that level was tested and the market was able to recover and show strength even after the Fed meeting indicating more rate hikes, and traders will be eying that level to see if the market can continue to hold there or if prices will break below.
The precious metals saw a bit of a mix in price action with Gold trading slightly negative while Silver saw gains of about 1.4%. Both of these markets have been unable to see significant traction higher with prices being rejected at any sign of strength and continue to trade in this sideways downtrend. Crude Oil also saw slight losses today relative to the last few weeks as traders are digesting the moves higher into “overbought” territory over the last few days. There is little economic data tomorrow leading us into the weekend, so the general price action will be the main focus wrapping up the week for the metals and equities.
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