The major stock market indexes added to sizable morning losses on Friday afternoon and are trading near the lows of the day. Major benchmarks were punished after a stronger-than-expected jobs report.
It seems that all the Fed pivot people have all but left the building at this point unless something weird happens. You can never completely underestimate the idiocy of the Fed and the gross incompetence of global central bankers.
Right now rates are ripping again and the dollar is up which is really putting hard pressure on all technology and the market in general.
AAPL for example is down 3.5%.
AMD had bad guidance and the stock is down 12.5%. This isn’t helping the chips sector or tech. SMH is -5.7%.
However, this is day 2 of energy going against the grain. XLE is slightly green and crude oil is up 4.4% at $92.50, (against a strong dollar and higher rates).
Of course, we have weekly options expiration today and the bond market will be closed on Monday.
90 minutes to go and the bulls are in hiding. I’d be very surprised dip buyers show up on a trend day like today but you never know.