Daily Market Comments(20210616) — Meeting
- Stock dumped after FOMC dot plot showing earlier interest hike(still far away), but retraced at the close.
- Biden and Putin both said the meeting was constructive, yet the only real thing happened was diplomats returning to work.
- Treasury yields jumped and WSB stocks sunk.
Winners and Losers (in my watching list):MNMD+3.04%, PLTR+1.60%, OPEN+1.52%; TSP-9.45%, RBLX-8.03%, BB-7.93%;
Bond Market: 10Y climbed to 1.58 and 30Y to 2.216
Equity Market: NASDAQ closing at 14039.68,-0.24%; DJI 34033.67,-0.77%; S&P500 4223.70,-0.54%.
Econ Calendar: MBA application at 4.2%.
Big News: The meetings, both in Geneva and D.C(or Virtual?), didn’t beat any expectations, and didn’t make any real changes. However, we could expect that U.S. and Russia relationship might begin to warm up a little bit, and the interest rate hike intention also build up. Both can be the beginning of change.
Guess On Next Move: If interest rate hike really begins to materialize, what’s the next trade? Maybe Bank will benefit from it. But, it’s still too early to sell techs.