Major averages baby-stepped lower on quiet, lower volume despite the hawkish positions from a number of Federal Reserve members. The market may not believe this jawboning since Fed chair Yellen said in recent remarks that the global economy would have to show signs of recovery before the Fed hiked rates again. Indeed, Fed futures place the odds of a rate hike when the Fed next meets in June at a very low 26%.
Futures are up around half a percent and European bourses are trading up over one percent as the ECB suggested further easing measures after a below-consensus reading of Germany's May Economic Sentiment.
The S&P 500 and NASDAQ Composite Indexes remain below their 50-day moving averages. A move back up through this area of overhead resistance might lend credence to a more concerted rally attempt as the indexes hold along near-term support.
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