That’s a Wrap!
That was a long, tough day. All of that macroeconomic data did nothing to spark the marketplace. We had to wait until the closing bell to see some of the type of action we, as traders, crave.
Equities closed slightly lower on Wednesday as traders awaited Nvidia’s ($NVDA) results, among others. The S&P 500 ended almost flat at -0.02%, while the Nasdaq Composite gave back -0.08%. Can’t make that stuff up.
Five of the 11 S&P sector SPDR ETFs wound up in the green, led by industrials ($XLI). Health Care ($XLV) was the weakest performer among these funds.
Treasury yields climbed. The U.S. 2-Year Treasury yield moved up 3 basis points to 4.21%, while the U.S. 10-Year Note paid 4.65% (+3 bps) by day’s end. The yield on the U.S. 30-Year Treasury yield ticked up 1 basis point to 5.17%.
As I send this note, we are still waiting on Nvidia. CrowdStrike ($CRWD), Okta ($OKTA) and Salesforce ($CRM) have all already reported. The market has react favorably to all three.
Position: Long NVDA, CRWD equity
