The View from 5th Avenue

The View from 5th Avenue – 2 May 2024

Yesterday was hectic with multiple potential market outcomes from multiple sources. FOMC, economic data and earnings created a busy/ volatile session and the main indexes closed in the red. Today’s calendar was mostly earnings driven, and traders decided that Powell’s non-pivot (to hikes) was enough to add to some positions. Futures were positive when the US got to their desks this morning and that trend continued all day. The S&P 500 added 91bps and the Nasdaq 1.51% with most sectors closing i…

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