Two Down, Two to Go
Wednesday was another tough day up and down Wall Street. Crude oil was up almost 4%. Treasury yields continued to rise. Oh, and equities ended up getting slapped around a bit.
The S&P 500 gave back 0.48% for the regular session while the Nasdaq Composite surrendered 0.64%. Yes, yields still went the wrong way despite the fact that the U.S. Treasury Department announced that it would triple its liquidity stability program buyback operation to $6 billion worth of 10-Year to 20-Year bonds.
This move followed the Treasury’s announcement last month that it was going to at least double those repurchases.
Energy ($XLE), for obvious reasons, was the only S&P sector to show gains on Wednesday as the Industrials ($XLI) led 10 sector SPDR ETFs into the red. Datadog ($DDOG) and Meta Platforms ($META) were the top performers in the S&P 500 for the day. The downside was led by Casey’s General Stores ($CASY). That stock was pummeled for a loss of 14.2%.
Two down, two to go. Dougie is still off tomorrow, but I will not be your tour guide. One of my colleagues will be at the helm.
I wish you all a peaceful evening. It has been a pleasure to work with you these past two days, as it always is. May God guide you and hold you until we meet again.
Sarge
Position: None
