Stock Market Update Wednesday May 1st, 2024 Stocks experienced volatility following the FOMC meeting, with the S&P 500 surging approximately 1% by mid-afternoon in response to dovish remarks from Fed Chair Jerome Powell. However, sentiment shifted later in the day, leading to a downturn that resulted in a 0.3% decline at the close.
Away From Stocks: Treasury yields saw a decline of four to eight basis points across the yield curve, although they relinquished some of these gains towards the end of the trading session. Meanwhile, WTI crude oil prices dropped to multi-week lows, hovering near $79 a barrel due to an unexpected increase in inventory levels. Gold closed at $2,314 per ounce, marking a 1% gain for the session, albeit lower than its mid-afternoon peak. The VIX, a measure of market volatility, ended the day above 15 after reaching 14.5 during Powell's press conference.
Our analysis suggests that the Fed's dovish stance today indicates a potential bottoming process in the next couple of weeks. However, our trading strategy will continue to rely on algorithmic signals to initiate long positions.
These time pivots are known before the stock market opens at 9:30am
Tomorrow's Time Pivot's Today, However They May Change in The Morning When The Markets Open at 09:30am
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