==== 2024-05-31 ==== tags | understanding market moves * Today (2024-05-31) market was going down until 12:30 pm and then continuously went up till 4 pm * Emini SP500 on previous day at 4 pm = 5251.50, today at 12:30 pm = 5208.75, today at 4 pm = 5296.75 * In terms of macro news Friday May 31 2024 Actual Previous Consensus Forecast 08:30 AM US Core PCE Price Index MoM APR 0.2% 0.3% 0.3% 0.2% 08:30 AM US Personal Income MoM APR 0.3% 0.5% 0.3% 0.3% 08:30 AM US Personal Spending MoM APR 0.2% 0.7% 0.3% 0.4% 08:30 AM US PCE Price Index MoM APR 0.3% 0.3% 0.3% 0.2% 08:30 AM US PCE Price Index YoY APR 2.7% 2.7% 2.7% 2.6% 08:30 AM US Core PCE Price Index YoY APR 2.8% 2.8% 2.8% 2.7% 09:45 AM US Chicago PMI MAY 35.4 37.9 41 39 01:00 PM US Baker Hughes Oil Rig Count MAY/31 496 497 01:00 PM US Baker Hughes Total Rigs Count MAY/31 600 600 06:15 PM US Fed Bostic Speech :?: What drove the markets up today after 12:30 pm? It was going down till then. Just want to understand the move. :!: hypothesis * people selling put options earlier in the morning and then buying them back later * this requires market makers or dealers to buy put options earlier and then to sell them later * market makers or dealers will hedge their position by selling stocks earlier and then buying them later * month end * automatic reinvestments of dividends from money market funds * Friday