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Afternoon Note

Classic Friday Session In The Middle Of The Summer

By Charles Payne, CEO & Principal Analyst
7/16/2021 1:44 PM

Early gains evaporated, as major averages are now in red territory. This week’s earnings reports have been largely positive, but attention is now shifting to what comes next in terms of the outlook. Here the picture is less clear. 

Buyers keep flocking to traditional safe havens, Utilities and Real Estate. Energy and Materials are the weakest sectors.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




The Michigan Consumer Sentiment Report saw one year inflation expectations increase to 4.8% from 4.2%. We are watching to see if folks skip big purchase items like houses, vehicles, and refrigerators. 


This feels like a classic Friday session in the middle of the summer with weak breadth and low volatility.


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