The People’s Bank of China said this morning that stimulus in the 2nd half of the year will be more targeted and flexible. Risk-assets then did what they’ve become accustomed to on stimulus news, rally.
Apple, Amazon, Facebook, and Alphabet slugged a grand slam after the bell yesterday. Premarket, the behemoths are +7%, +5%, +6% and unchanged respectively after beating top and bottom-line expectations.
It's Fed Day and the FOMC is expected to leave policy unchanged. Markets will be looking for Powell to reaffirm the Fed’s “do whatever it takes” narrative in order to bring the U.S. economy back from the depths of the pandemic.
U.S. benchmarks surged from Monday’s opening bell into the second half of yesterday. The S&P 500 achieved the highest level since February 24 and the Nasdaq-100 again notched 11,000 but failed to set a new high by half a point.