Market Report Mar 23 2023

As investors awaited the FOMC policy decision, the market did not need to do anything substantial until then.

FOMC voted unanimously for a 25 basis point increase to raise the target range. All was going well, and the market was happy as it accounted for this. Stocks reacted positively, Dollar reacted negatively, 
Then...

Once Powell started speaking and did not sound all that confident in the outlook the market turned and the reaction was now negative.
The S&P 500 lost the gains for the day and took out the gains for the prior day also and headed straight down to the 200-day line after.
All the sectors ended the session in the red.

There has been some time to digest the information from yesterday so today the market move will be less of a knee-jerk reaction and a more important one for us to start making our own assessment.

Javid

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