Stocks Finish Flat as Jobs Report Looms and Rates Rise
-
Stocks finished flat Wednesday after being down earlier due to a sell-off ahead of Friday's jobs report. S&P 500 consolidated the last 2 days and failed at 4,270.
-
Jobs report unlikely to change much unless very weak or strong. Rates not expected to fall much based on Fed projections, so lower equity values could persist.
-
Rates rising due to better economic data and buying into Fed forecasts. Yield curve steepening as 30Y rises vs 3M, tightening financial conditions.
-
ACWI ETF looks weak, falling below $93 support turned resistance. Little stopping it from falling back to $85.
-
Nvidia consolidating, bearish RSI divergence. Could go higher to fill gap at $469 before dropping.