Instant View: Wall Street slides after early rally flips into risk-off move
briefly fell more than 2% and the Nasdaq more than 3% on Thursday, reversing early gains after data spurred concerns the economy may be slowing to fast the Federal Reserve maintains a restrictive monetary policy.) META.O after its quarterly results topped expectations and the Facebook parent issued an upbeat outlook for the third quarter. Its shares were last up 4.37% and $495.55.
"But we're in a period now where the market is kind of digesting its gains sideways, back and forth. We're not surprised at all with the selling. I just think we're going to be in a two way market for the first time for the next month or two. Tomorrow we’ve got non-farm. So we'll see what happens tomorrow, but I’m not surprised by the price action.”"We believe the selloff in risk assets today is related to cross asset deleveraging.
"The almost guarantee that the September 18 Fed meeting is poised for an initial rate cut is not enough to placate a market that clearly doesn't want to see yields come down because of a material economic slowdown, but also wants the Fed to provide a bulwark in the event a cooling morphs into something more serious.
"If tomorrow's payroll report sees the unemployment rate rising despite an increase in the participation rate, the Fed is going to have alot of explaining to do as officials hit the airwaves with their opinions.2Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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