The markets are sold after the Powell of the Fed said that six words the investors did not want to hear: “ the stock prices are quite appreciated ”

The S&P 500 lost 0.55% during the day. Markets in the United Kingdom and Europe are all down this morning. The image is mixed: Asia has largely spent a good day and future American are slightly increasing, so it is not a tsunami.

Powell’s remarks were not controversial.

Everyone knows that most major indexes have reached record heights this year. But it is clear that investors are wary of any sign that the Fed thinks that “irrational exuberance” – like the former president of the Fed, Alan Greenspan, once called him – was launched. And it would be bad for actions.

Here is Powell’s full statement:

“We are examining the global financial conditions, and we wonder if our policies affect financial conditions in a way that we are trying to achieve … But you are right, by many measures, for example, the prices of shares are quite appreciated.”

Paul Donovan of UBS interpreted it in this way: “Powell apparently wants investors to be a little less certain.”

One thing they are not confident is technological actions. The Nasdaq Composite lost almost a complete percentage point yesterday while traders expressed skepticism with regard to the investment of $ 100 billion from Nvidia in Openai. “There were as many questions as any answers” on the agreement, according to a note from Jim Reid and the Deutsche Bank team this morning. A number of analysts wonder how sustainable AI boom is. However, the Nasdaq’s term contracts are up this morning, pre-market.

Why do the term contracts increase when the underlying indices lost ground yesterday? Because the large push of Powell’s speech contained concerns about the softening labor market – which implies that the Fed will remain on its short -term rate reduction route.

Here is a snapshot of the markets before New York’s opening bell this morning:

• Future S&P 500 increased by 0.17% this morning. The index decreased by 0.55% during its last session.
• Stoxx Europe 600 fell 0.28% at the start of negotiations.
• The FTSE 100 of the United Kingdom Down 0.12% at the start of negotiations.
• Nikkei 225 from Japan increased by 0.3%.
• CSI 300 from China increased by 1.02%.
• South Korea Kospi dropped by 0.4%.
• Nifty 50 of India fell 0.22% before the end of the session.
• Bitcoin refused $ 112.5K.