- US stocks have traded mixed so far on Thursday, after being hit by mixed headlines from Russia-Ukraine talks.
- The S&P 500 rose modestly on the day to 4,360 and is targeting a test of 4,400.
- With the Fed meeting and US data out of the way, investors’ focus will turn to geopolitics and China.
US stocks they have traded mixed so far on Thursday, after taking a beating in recent hours amid conflicting reports on the status of Russia-Ukraine peace talks. Major US indices are currently trading mixed, with the S&P 500 rising modestly to 4,365. The Nasdaq 100 Index is modestly lower with the 14,000 level capping price action for now and the Dow sideways just above 34,000. That comes after all three indices posted respective rallies of 2.2%, 3.7% and 1.6% on Wednesday, as equity investors accepted the Fed’s first 25bp rate hike in three years and aggressive guidance continued. his path.
Analysts said the positive reaction to the Fed’s hawkish meeting likely reflects the fact that investors view such a Fed policy shift (to signal six additional 25bp hikes in 2022 and four in 2023) as appropriate given the economic context of high inflation and a tight labor market. US data on Thursday in the form of a strong weekly jobless claims report and a stronger-than-expected Philadelphia Fed March survey reinforced these economic themes and thus did not affect sentiment. market.
With the Fed meeting out of the way and no more major US data releases for the rest of the week, investors’ focus will shift back to geopolitics, suggesting that markets will remain choppy and buoyant. for the headlines. Asian markets are also worth watching as indices have seen considerable volatility as a result of initial fears over a widespread outbreak of Covid-19, but also optimism related to new promises of economic support from Chinese officials. Provided news on the Russia-Ukraine peace talks and the Chinese outbreak of Covid-19 does not worsen substantially, the S&P 500 probably has a good chance of hitting 4,400 again and testing previous monthly highs around 4,415.
Technical levels
Source: Fx Street
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