Traders are treading cautiously in Wednesday’s session, seeking more clarity on the Federal Reserve’s stance with inflation reports exceeding expectations.
With the earnings season now halfway through, the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages.
Wall Street rebounds after Fed meeting with all major indices up, buoyed by earnings & dovish expectations. Probability for March cut at 41%, speculators increase bets for future cuts. Jobless claims up, manufacturing data beats expectations. S&P 500 & Nasdaq 100 gain 0.8%, regional banks suffer.