The Asian markets were mixed, HK -0.77%, Shanghai +0.31% and Japan +0.26%. China's Trade Surplus jumped, $101.3 billion from $ 97.9 billion.and a consensus $90 billion.
European markets were up,Euro STOXX +0.85% and DAX +0.84%. There was little news from Europe today. Vacation season is getting in high gear.
There were no economic reports in the U S today.
S&P 500 -5.13, -0.12% at 4,140.06.
The market opened strong, surging above 4,180. It rolled over mid morning and was below 4,145 by noon. A churn with a downward bias got to 4,130. A rebound ended at 4,140.
There was momentum early with traders looking for an upside breakout. The N Y Fed came out with a report with sharp drops in consumer inflation expectations in the recent month!!
NVDA pre announced an earnings cut. It gradually wore down the stock. The rest of the semi group declined as the market absorbed NVDA sales and earnings cut.
The market went negative, but found buyers in negative territory. The market showed its resiliency.
The DJIA was up 0 ,09%. The NASDAQ declined 0.19% and the QQQ 0.31%. The IWM did well, +1.01%..
WTI was weak early, struggling around $88. It rebounded in the afternoon, +1.6% to $90.40. The XOP rose 1.4% and the XLE 0.5%.
The 10 yr T Bond rate slid today, 7.2 bps to 2.768%. The KBWB fell 0.5%. The XLU edged up 0.2%.
The VIX increased 0.7% to 21.29. The advances led today, the NYSE 2.0 to 1 and the NASDAQ 1.7 to 1. The NYSE volume was low. The NASDAQ volume was above average.
We remain balanced between overly negative positioning, limited sellers after such a large decline and some new buyers as more Bulls accumulate. News may tip the scale to one side.
Today was impacted first by some good inflation data, while offset by super star, NVDA pre announcing negative sales and earnings, impacting the whole semi group.
Jerry