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Strategies & Market Trends : SPY & QQQ intraday chart observations by rimshot
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To: rimshot who wrote (275)2/3/2022 6:22:57 PM
From: rimshot2 Recommendations

Recommended By
ajtj99
Lou Weed

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Feb 3 Market Wrap, end of day ( by Briefing.com ) -

"There weren't any convincing efforts to buy the dip, and the longer this went on,
the more it seemed to weigh on overall risk sentiment.
Ten of the 11 S&P 500 sectors closed lower in a steady decline.

The S&P 500 communication services (-6.8%), consumer discretionary (-3.6%),
and information technology (-3.1%) sectors fell between 3-7% amid weakness in the mega-cap stocks.

The consumer staples sector (+0.01%) closed fractionally higher due to its defensive qualities.

Interest rates moved higher following policy meetings from the European Central Bank (ECB)
and the Bank of England. ECB President Lagarde expressed concerns about inflation
and said she couldn't rule out a rate hike this year.

The Bank of England raised its key lending rate by 25 basis points for the second consecutive meeting,
and four of the nine voting members preferred a 50-bps increase.

The 2-yr yield rose four basis points to 1.19%, and the 10-yr yield rose six basis points to 1.83%.

The U.S. Dollar Index fell 0.6% to 95.38 amid a stronger euro, which keyed off rate-hike expectations due to inflationary pressures.

Crude futures topping $90 per barrel ($90.22, +2.05, +2.3%) fueled the inflation angst. "
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