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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



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



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


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