Inflation uncertainty drags down sentiments on Wall Street 📉VIX spikes 6%
Futures on CBOE VIX Index (VIX) surges almost 6% today, after US macro readings came in unfavorable for Wall Street. Firstly, Core PCE data came in higher (both MoM and YoY) than expected, with surging so-called Supercore PCE measure. Secondly, University of Michigan report final indicated to even higher than previous inflation expectations at 4.1% (previously 3.9%) for 5-year and 5% YoY for 1-year CPI ahead (previously 4.9%). All of that suggests that price pressure in the US economy will rise, making Fed even more hawkish, despite softer consumers data. US100 loses almost 2% while US500 slides 1.5%.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appThe US100 failed to rise above EMA200 (the red line) at 20,300 points, and we can see pressure indicating potential retest of the previous lows.
Source: xStation5
VIX rebound after reaching almost 1-month low earlier this week.
Source: xStation5
Shares of Meta Platforms, Tesla, Amazon and Alphabet are the worst BigTech performes today, while Nvidia slides 1.8%. Defensive sectors such as pharmaceuticals and health care providers outperform tech sectors.
Source: xStation5
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