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Afternoon Note

Carbon Copy

By Charles Payne, CEO & Principal Analyst
1/5/2022 1:35 PM

It's a carbon copy of yesterday's session, as the street keeps moving into value and out of growth. Volumes aren't as large as yesterday, with some of the decliners, but the herd is on the move. 

Material names in the lead today are being powered by industrial metals, as Nucor (NUE) is the top percentage gainer in the S&P 500.

The market, for the most part, is waiting for the FOMC minutes, which might give greater clarity on how fast and often the Fed will hike rates this year.

I'm seeing things from the ADP report this morning, to the ISM report yesterday, that suggests the Fed might have an out to do serious rate hikes - noted dove Neel Kashkari says two is the most needed.

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