/biz/ - Business & Finance

today might be the most important day for the market all year; then we have
>16th opex
>20-21 fomc (not sure if policy is already locked or dependent on today)
>midterms 7th Nov

not sure if i missed any other crucial dates

Market breadth reflected the selling bias today. Decliners led advancers by a nearly 4-to-1 margin at the NYSE and a 2-to-1 margin at the Nasdaq.

Every S&P 500 sector closed in the red with losses ranging from 0.4% (financials) to 3.4% (energy).

The energy sector was in last place, by a wide margin, while energy complex futures sold off. WTI crude oil futures fell 5.5% to $91.60/bbl. Natural gas futures fell 2.6% to $9.06/mmbtu. Unleaded gasoline futures fell 7.0% to $2.53/gal. This comes after Bloomberg reported that the EU is set to meet its gas storage filling goal two months ahead of target. Also, European Commission President von der Leyen said that an emergency intervention is being planned to rein in energy prices.
Reviewing overnight developments:
The Conference Board's Consumer Confidence Index rose to 103.2 in August (Briefing.com consensus 97.4) from a downwardly revised 95.3 (from 95.7) in July. This was the first increase in the index in four months. In the same period a year ago, the Consumer Confidence Index stood at 115.2.
The key takeaway from the report is that even with the August improvement in confidence, the Expectations Index remains below 80.0, which suggests the continued presence of an elevated risk of recession.

options will be expiring on the 17th, then we have the FOMC meeting on the 20-21st. I dont think its going to be pretty, might go even harder into the shorts.

retail is getting sucked in again, you know what happens next.