The S&P 500 is at the highs of the day, up 45 points to 4742.
The 1% gain comes after a flat start and on the heels of a dip in Treasury yields. From there, it’s been pure FOMO as the market has had very little to digest.
One data point may have helped to move the needle: That was the NY Fed’s latest inflation expectations survey. It showed one-year inflation expectations at the lowest since Jan 2021 and at 3.0% from 3.4% a month ago. Longer-term metrics also fell.
In any case, the S&P 500 has now retraced half of its year-opening slide. It will have to get above 4751 to break the 61.8% Fibonacci level.