We're seeing a slight reversal of the post-FOMC moves as the dollar bounces, bond yields creep higher and equities sentiment is also looking to pare back some of the optimism from yesterday.
S&P 500 futures are now down 0.7%, Nasdaq futures down 0.9%, and Dow futures down 0.5% on the day.
The moves today aren't erasing that of yesterday but it hints at more of a push and pull feel as the market looks to sort out its feet. The mood following the Fed yesterday was that perhaps we are seeing peak hawkishness start to settle in but then again, the Fed seems to be the only interested party in hiking more aggressively in the months ahead as well - even if the market seems prepared to stomach that.
All of a sudden, there will some added interest to tomorrow's US non-farm payrolls release as a more robust report could help to reignite the dollar's recent bull run. And perhaps that could spark a continuation of the market themes from April.
