S&P 500 hits highest since mid-February in upper-4400s as investors await remarks from Fed’s Powell By Frank_Macro SP500 Equities
pite arguably negative news flow over the weekend – a lack of progress in Russo-Ukraine peace talks, chatter about an EU embargo on Russianexports – the S&P 500 is trading about 0.1% higher in the 4470 area after a dip back towards 4450 earlier in the session was bought into. The index managed to hit its highest level since mid-February at 4480.
Powell is unlikely to deviate from this script, meaning there aren’t likely to be any meaningful trading opportunities in response to his comments. Nonetheless, the big man might give some more details on things like the Fed’s ideas about how it might conduct Quantitative Tightening, so will be worth keeping an eye on.
In terms of the other major US indices, the Nasdaq 100 is currently flat in the 14,400 area, after a dip back to 14,250 earlier in the day was bought. The Dow is an underperformer as a result of steep downside in Boeing’s share price, which makes up just under 4.0% of the index’s weighting after a 737-800 jet crashed in China. The index is currently trading about 0.5% lower, though for now remains well supported above the 34,500 level.
Index or VIX was last down at its lowest level in more than one month in the 23.00s, down about half a point on the day.
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