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“We learn who we are in practice, not in theory.” – David Epstein – Range
After a day in which the S&P 500 finished trading right around the flatline after opening sharply higher, markets are doing a re-take today with futures higher by just about the same amount they were at this time yesterday. Unlike yesterday, though, investors will have to contend with a Fed policy statement, dot plots, and a press conference from Jerome Powell this afternoon. Powell pressers haven’t had a particularly positive impact on the market lately.
Outside the US, equities in Europe are higher across the board this morning, and the STOXX 600 is actually now flat on the week after gains yesterday and today have erased all of Monday’s drop. In China, equities finally opened for trading this week after a two-day mid-Autumn Festival holiday. While Chinese stocks opened the week lower, they rebounded throughout the day to finish down 0.70%. So, while Europe is flat and China is down less than 1% on the week, US stocks are down over 1.75%.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
Lately, it seems as though plenty of good arguments can be made for being long or short the US dollar. Given the strong feelings on both sides of the trade, it probably shouldn’t come as too much of a surprise that the Bloomberg US Dollar Index is currently trading right in the middle of its one year range around 1,150 and at a level it has had difficulty meaningfully breaking above throughout the year. Whichever way the greenback breaks from its most recent run to 1,150 will likely have a major impact on which sectors/strategies outperform through the end of the year.
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