The S&P 500 opens with gains and recovers 3,770 on Powell’s second day in Congress

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  • US stock indices recover some ground after recording minimal losses on Wednesday.
  • S&P Global PMIs disappointed expectations, dragging stocks lower.
  • The Nasdaq Composite leads the declines, followed by the S&P 500 and the Dow Jones.
  • USD recovers some ground, although US Treasury yields fall as traders back down on hawkish Fed.

US stocks opened higher and Wall Street started within known ranges, though S&P Global PMIs, where all three indices disappointed expectations, stocks swung back from daily highs but resumed the rally to the upside.

The S&P 500 has regained its composure, rising 0.53% to 3,777.04, although far from Wednesday’s high of around 3,800. For its part, the technology index, the Nasdaq 100, once again led the rises, gaining 0.90%, to 11,151.78, followed by the Dow Jones Industrial (DJIA), which rose 0.37%, to 30,595.05.

Drilling down into the broader market index, the biggest performers are consumer goods, up 1.60%, followed by utilities and healthcare, posting gains of 1.148% and 1.46%, respectively. In negative territory are the sectors related to raw materials, such as Energy, Materials and Industrials, which fell by 1.12%, 0.75% and 0.68% each.

The USD has recovered some ground and is approaching 104.374, up 0.18%. Meanwhile, US Treasury yields remain on the defensive, with the 10-year US Treasury yield falling 14 basis points, yielding 3,018%, retracing from weekly highs near 3,317. %.

On Thursday, US global PMIs disappointed expectations, showing that business activity in the manufacturing and services sector is expanding, but at a weaker pace, after falling to 52.4 from 57 (Mfg.) and to 51.6 from 53.4 (Utilities), with these latest readings in May. Meanwhile, US Federal Reserve Chairman Jerome Powell is speaking to the US Congress for the second day in a row.

At the time of this writing, Fed Governor Michelle Bowman stated that another rate hike of 75 basis points in July, followed by at least 50 basis points at subsequent meetings, would be desirable.

In the complex of raw materials, the benchmark US crude, WTI, fell 0.75%, trading at $105.47 BPD. At the same time, precious metals like gold (XAU/USD) are up 0.23%, trading at $1842.70 a troy ounce.

SP 500 Chart

Technical levels

SP500

Panorama
Last Price Today 3748.73
Today’s Daily Change -6.08
Today’s Daily Change % -0.16
Today’s Daily Opening 3754.81
Trends
20 Daily SMA 3953.11
50 Daily SMA 4066.99
100 Daily SMA 4240.97
200 Daily SMA 4408.07
levels
Previous Daily High 3799.87
Previous Daily Minimum 3689.31
Previous Maximum Weekly 3852.15
Previous Weekly Minimum 3636.65
Monthly Prior Maximum 4305.91
Previous Monthly Minimum 3809.41
Daily Fibonacci 38.2% 3757.64
Daily Fibonacci 61.8% 3731.54
Daily Pivot Point S1 3696.12
Daily Pivot Point S2 3637.44
Daily Pivot Point S3 3585.56
Daily Pivot Point R1 3806.68
Daily Pivot Point R2 3858.56
Daily Pivot Point R3 3917.24

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Source: Fx Street

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