Stocks are up modestly in early trading Wednesday, but the usual signals of volume spikes and higher volatility are still not present.
Yet here we are, with the 10-year at 4.55% yesterday and looking like it wants to get to 5.0% fast.
Total equity volume yesterday was 10.4 billion shares, well below the September 2022 average of 11.4 billion, and 3% below the average level even for August, a vacation month.
Modest volumes, relatively low volatility with prices down notably means there is no selling panic, but there is a buyer's strike in stocks.
They need to see rates come down before they have confidence to buy stocks again."
Persons:
Chris Verrone, Morgan, Jamie Dimon didn't, Verrone, You'd, Mike O'Rourke, Neel Kashkari, Here's, I've, Alec Young
Organizations:
UAW, Jones Trading
Locations:
China, Minneapolis