After bouncing off our initial downside target yesterday, stocks ramped nicely into the close and overnight. But, the overnight ramp job is fading fast, and it remains to be seen whether the backtest scheduled for the opening bell will hold.
The focus over the next couple of days is, of course, the Fed. There is strong consensus for a rate hike tomorrow. In addition, the market faces the headwinds of the tariff war(s), growing turmoil in D.C., and the usual instability in the Middle East, etc.
Will investors press the pause button? It all depends on the comments offered by Powell et al. Some have argued that the Fed was hopelessly behind the curve — even before Trump’s tariff war amped up inflation.
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