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Afternoon Note

Mostly Sideways

By Charles Payne, CEO & Principal Analyst
7/28/2021 1:19 PM

The market is mostly sideways as we await the Federal Reserve, which will announce they are standing pat on current accommodation. But will there be any hints at a change in course? The stakes are high, and the messaging ahead of removing the punch bowl is pivotal.  Take it from me, the cry-babies of Wall Street will still have a tantrum.

Meanwhile, earnings continue to blow the roof off the record book.  This is great news but has invited talk of peak earnings - yep, there is always something to complain about. 

Only four sectors are higher, with an eclectic mix of winners led by Advanced Micro (AMD) , Xilinx (XLNX), and Boeing (BA).

S&P 500 Index

 

-0.06%

Communication Services XLC

+0.74%

 

Consumer Discretionary XLY

 

-0.43%

Consumer Staples XLP

 

-0.91%

Energy XLE

+0.73%

 

Financials XLF

 

-0.15%

Health Care XLV

+0.26%

 

Industrials XLI

 

-0.25%

Materials XLB

+0.12%

 

Real Estate XLRE

 

-0.81%

Technology XLK

 

-0.13%

Utilities XLU

 

-1.41%

Hang tight and let's see what Powell and company have to say.


 

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