Hey team. US stock futures held steady as the market looked ahead to day two of testimony from Fed Chair Jerome Powell.
Let’s see where things go from here!
Impact Snapshot
🟥 Fed Chair Powell Speech - 10:00am
Macro Viewpoint
U.S. stock futures were muted on Wednesday with Israel and Iran signaling their air war had ended, and as investors awaited more comments from Federal Reserve Chair Jerome Powell.
Y-day stocks closed higher led by NDX. NDX added +1.5% to close at the highest since February this year; SPX is less than 10bp away from the ATH.
In the second day of Powell's congressional testimony, scheduled at 10:00 a.m. ET, investors will look out for any hints on the central bank's monetary policy path.
Wall St. Prime Intel
Institutional clients led the buying last week, with inflows for the first time in seven weeks. Retail clients were also net buyers while hedge fund clients were net sellers for the first time in four weeks. Retail clients have been buyers for 5 straight weeks and 27 of the past 28 weeks.
We’ve written a piece y-day of what this all means for the market which you can access as a Paid Subscriber [HERE].
Does the rally have more room to grow past an ATH?
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