Market Report May 04 2023

After our day away from our desks due to the rate decision, we can now check with what happened on the market on Wednesday and prepare for NFP tomorrow.

All the main indices ended in the red and did not manage to break the resistance zone during the week so far. The sectors had the same conclusion.
Europe closed bullish but before the Fed rate decision.

The markets had some volatility increase during the session with the VOX moving up to above 18. Not unexpected and neither was the news the FOMC will raise the target range for the fed funds rate by 25 basis points to 5.00-5.25%. This was expected and the markets have factored that in.
However, the press conference that followed was not market-friendly which is partly why we are not seeing green on the board this morning.

Now to prepare for NFP tomorrow so there will not be a Market Report for NFP Friday.

Javid

Let's go trade!