| Index | Close | % Change |
|---|
| Dow | 32638.44 | 1.61 |
| Dow Transports | 14142.04 | 2.9 |
| Dow Utilities | 1022.04 | 0.13 |
| S&P 500 | 4057.94 | 1.99 |
| Nasdaq | 11740.65 | 2.68 |
| Nasdaq 100 | 12276.79 | 2.79 |
| Russel 2000 | 1844.55 | 2.52 |
| VIX Index | 27.24 | -3.98 |
| 10 Year Gov't Yield | 2.75 | 0.1 |
| Spot Gold | 1851.91 | -0.08 |
| Spot Silver | 22.02 | 0.15 |
| GDX-Gold Miners | 32.39 | -0.61 |
| Crude Oil | 113.9 | 3.22 |
| Dollar Index | 101.8 | -0.25 |
| Euro Spot | 1.07 | 0.41 |
| Japanese 10 Year | 0.22 | -10.04 |
| Shanghai SE | 3123.11 | 0.5 |
| Long Bond 20-year | 141.81 | -0.02 |
|
Market Shrugs Off Bad News
05-26-2022Last night Nvidia was unsuccessful at the game of beat-the-number, as its guidance was disappointing. In the wake of that news, the stock price fell about 8% and I was feeling like I'd made a mistake in covering my small amount of shorts earlier yesterday. But lo and behold, both Nvidia and the market at large launched a decent rally that looked to me like it involved plenty of short covering.
Breaks Lead to Brakes?
I think some people tried to make the case that the fact the GDP was reported for Q1 at -1.5% meant that maybe the Fed would slow down its hikes, but that number was right around expectations so I don't expect that will change the Fed's current plan. Thus, I think the rally was just ready to happen.
In any case, by midday the market was 2% higher, plus or minus, depending on the index. Then in the afternoon, the indices gained a bit more ground, as the Nasdaq finished up about 2.5%.
Away from stocks, fixed income gave up its initial rally on the weak GDP data to finish slightly lower, while green paper was a bit soggy. The metals were essentially flat while the miners were mixed with small changes.