By Chris Becker
Tech stocks were again the drag, pulling industrials down as US bourses could not translate solid gains in Asia and then Europe into moves higher. The USD gained alongside Treasuries however in anticipation of tomorrow nights FOMC rate decision, with last nights PCE deflator coming in strong, confirming the Fed’s view of further rate hikes.
Recapping stocks in Asia yesterday where Japanese and Chinese stock markets were closed for a holiday. The Shanghai Composite continues to be under enormous pressure after its breakdown in early February so I’m expecting more downside pressure:
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