Half of the year-opening swoon in US stock markets has been erased

<p>The S&amp;P 500 is at the highs of the day, up 45 points to 4742.</p><p>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.</p><p>One data point may have helped to move the needle: That was the NY Fed's latest inflation expectations survey. It <a href="https://www.forexlive.com/centralbank/ny-fed-one-year-inflation-expectations-fall-to-the-lowest-since-january-2021-20240108/" target="_blank" rel="follow">showed </a>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.</p><p>In any case, the S&amp;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.</p>

This article was written by Adam Button at www.forexlive.com.