Yesterday’s main market event, during regular hours anyway, turned into a non-event- the Fed rate decision and Powell press-conference. You can read more about it in our Fed Recap, but long story short, there wasn’t much sizzle or steak. Markets didn’t react much. The S&P traded in a 20bp range in the last two hours of the day and finished flat. Major tech earnings after the close become the primary market driver. Equity futures are trading higher as we digest generally solid earnings reports from some of the biggest companies.

Treasury yields are mixed with the short end flat to down 1bp and long end flat to up 2bp. The US Dollar index is fading the move higher yesterday, down back around 96 but moving off the lows. Initial jobless claims and continuing claims remain at low levels as the No Fire No Hire dynamic continues.

Crude is up ~3% continuing its strong start to the year. Iranian tensions and a 2.3M draw in yesterday’s DOE report are driving gains. Nat gas is also higher as February contracts rolled to March. Precious metals continue moving higher, up about 5% with Gold hitting $5500. It’s not just precious metals, with copper adding 9%. Ag is also higher while crypto can’t get any upside momentum going as Bitcoin slides below its 50d ma, currently ~$88k.