Nasdaq stuck in range as traders await US CPI
The Nasdaq has been rangebound since the last FOMC decision due to Fed tightening risk and overstretched positioning.
The market has been under pressure due to heightened tensions in the Middle East, with oil prices extending gains and inflation worries returning.
The chances for a July hike jumped to 34% and the total tightening by year-end increased to 38 bps, but a de-escalation in tensions led to minor dovish repricing.