"Since the lows at the end of March, the S&P has rallied 7% and is now a little more than 2% away from all-time highs. It is also back above both its 50-day and 200-day moving averages."
"Clients sold the bounce last week. Although the S&P 500 was up 3.4% in the period, clients were net sellers of U.S. equities for the fourth week in a row, net selling $2.6 billion."
"The 'vast majority' of Federal Open Markets Committee participants judged that upside risks to inflation and downside risks to employment are elevated, with many noting that both have intensified amid developments in the Middle East."
Oil prices reached $97 per barrel, causing S&P 500 futures to drop 0.37%. Global markets, including the U.K.'s FTSE 100 and Japan's Nikkei 225, also declined. Despite a recent rally, clients sold U.S. equities for the fourth consecutive week, netting $2.6 billion in sales. Bitcoin increased nearly 6% to $71K. The Fed's hawkish stance on interest rates, influenced by inflation and employment risks, suggests less likelihood of rate cuts, which could negatively impact stock markets.
Read at Fortune
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