Yesterday equities pulled back modestly but really it was just a continuation of the consolidation that has been ongoing for the last week and change. Ahead of tomorrow’s rate decision the holding pattern is continuing. There was a positive bias early on but that has faded as financials have turned lower following commentary at the Goldman Sachs Financial Services conference. There is a fair amount of news flow but none that is really shifting the overall narrative. The administration approved Nvidia exporting its H200 chips to China (with the US government collecting 25% of sales), but the local response has been closer to keep ‘em with regulators discussing restrictions. Broadly this morning’s economic data came in better than feared but none is important enough to shift expectations for monetary policy. Corporate updates have been a bit mixed. Major indices are mixed trading continuing to consolidate in a tight range. As we head to print, the S&P 500 is up 3pts to 6,849 (+0.0%), the Dow is down 155pts to 47,584 (-0.3%), while the Russell 2k is up 14pts to 2,535 (+0.5%). The most interesting action is happening in the crypto complex which started to rally sharply after the open. Bitcoin reclaimed its declining 20d ma (91.5k) and has continued to squeeze higher since now up ~3% at ~94k. If this can hold above that moving average it would be the first close above since the infamous flash crash selloff on October 10th. Other altcoins are up even more sharply with Ethereum and Solana currently up >6%.

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