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“I think it’s natural we’ve tilted a little bit hawkish.” – James Bullard
So much for a quiet summer Friday. While futures were already lower, a CNBC interview with St Louis Fed President James Bullard (non-voter) where he had some relatively hawkish comments has only caused the losses to snowball. The S&P 500 is now on pace to open down about 1%. Today is an options expiration day with an unusually large amount of contracts expiring so that coupled with the fact that it’s now a Federal Holiday (Juneteenth) where volumes will likely be low, may only add to any potential volatility.
Read today’s Morning Lineup for a recap of all the major market news and events, the latest economic news from around the world overnight, a discussion of the latest delta COVID variant, the post-FOMC moves in markets, and the latest US and international COVID trends including our vaccination trackers, and much more.
We’ve seen quite a divergent move in the growth and value spaces over the last two days. While the S&P 500 Growth index closed at an all-time high, its Value counterpart has been subjected to selling pressure. As a result, the performance gap between the two indices over the last two trading days has shot up to 2.64 percentage points. That may sound like a relatively wide gap, but relative to the last year, it’s not all that extreme. Back in January, we saw a wider performance gap, and last year we saw numerous two-day periods where the two-day gap widened out more.