This was just a normal round of profit taking in a bullish trend. Fund rebalancing ran its course and that slightly negative influence ran its course this week.
PRE-OPEN MARKET COMMENTS FRIDAY –Durable goods orders were better than expected (1.7%) and the third estimate of Q1 GDP came in at 2% (vs 1.3%). Initial jobless claims dropped to 239K. Powell still believes that a soft landing is possible and the Fed is leaving the door open for more rate hikes. Central bankers were generally hawkish at a summit this week. China’s manufacturing PMI came in soft at 49.0 as expected.
Daily Bulletin Continues...
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