US stocks had a trading session full of surprises after a rather dull morning half where most investors awaited Powell's speech, with most leaning towards the possibility of a tougher tone on interest rate policy following the surprisingly strong jobs report last week. Hedge pressure pulled the market down quite deeply early in the morning before SPY found support at 408 with a complete absence of organic sellers before strong fluctuations around the 410 area when the speech began.
Summary of the speech:
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