Closing changes on the day:
- S&P 500 up 0.2%
- DJIA +0.1%
- Russell 2000 -0.2%
- Nasdaq Comp +0.1%
- Toronto TSX Comp +0.2%
Closing changes on the week:
- S&P 500 down 1.5%
- DJIA -0.6%
- Russell 2000 -3.6%
- Nasdaq Comp -3.25%
- Toronto TSX Comp -0.3%
Coming into this week, the S&P 500 and Nasdaq had rallied for nine straight weeks in a move that highlights the power of the Fed pivot. Some profit taking was probably delayed by the turn of the calendar but it arrived this week. Is there more to come? I could see the argument for that, especially because Fed funds have repriced rate cuts down to 137 bps.
For next week though, the big release will be December CPI. A soft number puts a March cut right back into play.
This article was written by Adam Button at www.forexlive.com.