The FOMC minutes have a knack for making everyone look stupid and that was certainly the case today.
A rout in stocks ensued following some hawkish comments in the report but the move didn’t last and eventually reversed. That wasn’t nearly enough to erase the day’s decline but it was enough to leave both sides feeling uneasy.
- S&P 500 down 43 points, or 1.0%, to 4481
- Nasdaq -2.2%
- Russell 2000 -1.3%
- DJIA -0.4%
- VIX +1.06 to 22.09
This isn’t a great looking candle on the S&P 500 daily chart but it could have been worse.