US stocks erase gains for the day

As Powell speaks on the impact on inflation of tariffs is coming but just don't how much, the stock markets are tiring.

He also called the policy not that restrictive and that the labor market is not crying out for a rate cut. The Fed Chair is not in any hurry to do anything and this will ultimately tick off Pres. Trump.

The major US stock indices erased earlier gains, with the NASDAQ Index dipping to an intraday low of 19,489.56. That low came within a single point of its rising 100-hour moving average, currently at 19,488.85. Buyers once again leaned on that technical level—just as they did last Friday—pushing the index back up to 19,540 at last check.

The repeated support bounce adds to the technical significance of the 100-hour moving average. As long as the price remains above it, the short-term bias stays cautiously bullish. However, a break below could open the door for accelerated downside momentum, with the 200-hour moving average at 19,199.99 (yes, lots of nines) serving as the next key downside target.

For the S&P index, the price did break below its 100-hour moving average currently at 5987.24. The current price is trading below that level at 5977.96 down -4.8 points or -0.8% on the day. Staying below that level would be more bearish for the NASDAQ index and have traders looking toward its 200 hour moving average at 5926.72. The last time the price traded below its 200 hour moving average was back on April 30.