Following last week’s wild, woolly and hair-raising mini-crash and yesterday’s historic rebound, the SkyNet SellBots regained control as Fed Head Jerome Powell delivered a widely-expected but disappointing “surprise” 50 basis point interest rate cut. The SellBots erased some early morning gains and send US stocks sharply lower into the close. So much for the “Dead Cat Bounce.”
The DJIA got whacked for 786 points (3.0%) and the NASDAQ tanked 268 points (3.0%). US bonds continued to roar ahead to new highs.
Stay tuned as the battle of the SkyNet StockBots continues.