Williams/Manchin the catalyst?
The major US indices have moved into negative territory. Fed's Williams said:
- We are seeing broader based increases in inflation
- Even after taking into account basic facts, we have seen a pickup in underlying inflation in the US
- Long-run inflation expectations reversed earlier declines and are at levels seen in 2013 to 2014
Also Virginia moderate Democratic Sen. Manchin said he is unsure of his approval of the Build Back Better bill.
Those comments seem to have pushed the stocks into negative territory.
- Dow industrial average is down -234 points or -0.65% 35695.20
- S&P index is down -10.06 points or -0.21% at 4678.32
- NASDAQ index is down -48.11 points or -0.30% at 15872.54
looking at the hourly chart of the NASDAQ index, it got within 0.16% of a new all-time high yesterday, but is now approaching the 50 hour moving average at 15838.28. A move below that level and the rising 100 hour moving average at 15789.70, would tilt the bias back to the downside.
