Fed Chair Powell said that interest rates will remain low until full employment is reached. In previous years' conditions of full employment were met when the unemployment rate stayed below 4%. Now it sits above 6%. Moreover, Powell highlighted that temporary inflation pick-ups are not a problem and the economy is still far from reaching Fed's goals. Speech from Powell provided support for equity bulls and started a turnaround on Wall Street.
US500 broke above key resistance at 23.6% retracement and slowly approaches the 3,900 pts area. Additionally, an inverse head and shoulders pattern may be building up with yesterday's dip marking head of the pattern. Source: xStation5
Daily Summary - Powerful NFP report could delay Fed rate cuts
US OPEN: Blowout Payrolls Signal Slower Path for Rate Cuts?
BREAKING: US100 jumps amid stronger than expected US NFP report
Market wrap: Oil gains amid US - Iran tensions ๐ European indices muted before US NFP report