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Afternoon Note

Market Marks Time

By Karina Hernandez, Senior Research Analyst
1/19/2022 1:53 PM

After a massive selloff yesterday, the markets have fluctuated between gains and losses in today’s session. The first rally attempt failed, which was expected. We are impressed there has been a second try, but still, nobody is taking the bait.

Treasuries are pulling back, but the 10-year note neared 1.9% earlier today. Commodities are also higher with Aluminum reaching a record high and above $3,000/tonne and Copper heading again towards $10,000/tonne.

A big move in the WTI market today with the soon to expire February contract (Friday) rallying quite a lot above the March contract.

Consumer Staples is leading in today’s session driven by Procter & Gamble’s (PG) earnings results this morning, which beat consensus and raised its full-year guidance.

S&P 500 Index

+0.39%

 

Communication Services XLC

+1.29%

 

Consumer Discretionary XLY

 

-0.19%

Consumer Staples XLP

+1.15%

 

Energy XLE

 

-0.29%

Financials XLF

 

-0.81%

Health Care XLV

+0.54%

 

Industrials XLI

 

-0.07%

Materials XLB

+0.60%

 

Real Estate XLRE

+0.08%

 

Technology XLK

+0.53%

 

Utilities XLU

+0.93%

 
 

It’s going to be interesting to see if this bounce settles into the close.  Most indices are still under their 50-day moving average with Nasdaq within striking distance of a correction.


 

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