The S&P 500 and Nasdaq retreated on Wednesday as we saw the Bank of Canada raising interest rates, igniting some pessimism. S&P 500 had a good start initially as it tried to push into the bull camp but slid lower.
Indeed, the Bank of Canada move was unexpected as investors sought a pause. It comes during a season of weak economic data from China, which saw weak export persist .
Treasury Yield rose, dampening risk-on sentiment.
The US Treasury yields were seen rising after Canada’s central bank decision. The 2-year yield hit 4.575%, which is around the highest in nearly 10 days.
With the central bank still raising the rate, analysts wonder if the Fed will be done with the hike after the July FOMC meeting. Still, investors will set their eyes on next week’s FOMC.
What’s on the menu today?
- At 8.30 pm. we will have the Initial Jobless Claims.
It is 8 June, Thursday, 8.40 am in Singapore and 8.40 pm in New York. As the tech stocks retreat, we are expected to hold major indexes and will be looking for risk management and exit point, given that we want to reduce our risk as most believed Nasadaq’s rise had been overly extended.
We hope all friends having a safe and splendid trading session!
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All is well.