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Stocks Panic-Bid Off EU Close After Biden-Induced Breakdown

After solid gains overnight building on the FB and AAPL earnings beats (understatement) but a disappointing miss on GDP (bear in mind that jobless were basically flat and pending home sales also disappointed), everything went to shit as US cash markets opened and stocks puked below pre-FOMC lows. Then that selling was exaggerated when the Biden admin said they would like all gig workers to be employees (whether they like it or not), which sparked another big puke. The European close appeared to stall the selling and dip-buyers rushed in to lift everything back into the green in one-trade. And then, around 1500ET, it all started to slide again, but that didn’t last.

The S&P 500 broke above the psychologically important 4200 level, then plunged to a crucial support level 4170 (vol trigger) and ripped back before fading in the end to close above 4200 at a new record high.

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