The Asian markets were mixed, HK -1.24%, Shanghai -0.72% and Japan +0.66% The BOJ finally raised rates. It was a modest move, 0.1%. Buying JGB's will continue, but no more ETF's.
European markets were up modestly, Euro STOXX +0.50 and DAX DAX +0.31%. The ZEW economic survey jumped to 33.5 from 25.0, the best in a long while?
In the U S, New Home Sales for February increased 10.7% and Permits 1.9%. It was a rebound from a sharp decline last month.
S&P 500 +29.09, +0.56% to 5,178.51.
An open at 5,139 extended to 10:30. A nice rally wandered up to 5,170 by 1 PM. After going sideways until 3:30, it rallied to a 5.178 close.
The market showed some weakness after NVDA opened down. It shook out traders expecting instant gratification. The markets showed resiliency with buyers gradually buying the dip. I suspect some traders who sold options on Friday decided to nibble.
The NVDA presentation had wide impact. During the presentation Huang would mention partnerships and those stocks all had run ups. Other stocks who might be hurt by the ramifications of new products were sluggish. Overall it created a positive aura with commentators talking about AI's future potential.
The BOJ move was not dynamic enough impact anything. The 20 yr T bond auction went well!!!
The 10 yr t bond rate slipped 4.0 bps to 4.301%. The KBWB edged up 0.2%. The XLU was +0.8%.
The DJIA rose 0.88%. The NASDAQ increased 0.39% and QQQ +0.25%. The IWM gained 0.75%., small cap energy stocks
WTI ended up $0.75 to 83.47. The Technicals are strong and Netanyahu still wants to go into Rafah!!! The XOP climbed 1.3% and XLE 1.1%.
The VIX fell 3.6% to 13.82. The advances led, the NYSE 2.2 to 1. The NASDAQ was 1.5 to 1. The volume was average.
Tomorrow could be a big day. The Fed meeting and Powell Q&A has possibilities to impact the market. There is little consensus beyond no rate cut. The are so many variables and differing thoughts among members it is tough to have high conviction in any guess.
It is an interesting set up. The market held up and edged up to a new by a bit. A favorable impact could get momentum buyers coming back in. A disappointment could generate a spate of selling
Blub, blub
Jerry