Financial Markets Today: Quick Take – May 6, 2022 Market sentiment stumbled badly just a day after the steep short squeeze from the less hawkish than expected FOMC on Wednesday. US equities posted their worst session for the year, with US tech stocks off 5% on the session. The US dollar came roaring back from its sell-off and long US treasury yields posted new highs for the cycle. Nerves are frazzled as traders look ahead to the US April jobs report up later today. What is our trading focus? Nasdaq 100 (USNAS100.I) and SP 500 (US500.I) - SP 500 futures gave all their gains from post the FOMC rate decision and then more, declining 3.5% from Wednesday’s closing price. Yesterday’s session showed that the 4,100 level is a clear support area with bids coming in, so this is the key level to watch today should risk-off continue, and the 4,171 level is the key level on the upside. Hong Kong’s Hang Seng (HSI.I) and China’s CSI300 (000300.I) - Following sharp reversal of the US markets overnight, Hang Seng Index (HSI.I) fell over 3% and Hang Seng TECH Index (HSTECH.I) was almost 5% lower.