Afternoon Note
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.
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S&P 500 Index |
+0.39% |
|
|
Communication Services XLC |
+1.29% |
|
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Consumer Discretionary XLY |
-0.19% |
|
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Consumer Staples XLP |
+1.15% |
|
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Energy XLE |
-0.29% |
|
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Financials XLF |
-0.81% |
|
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Health Care XLV |
+0.54% |
|
|
Industrials XLI |
-0.07% |
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Materials XLB |
+0.60% |
|
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Real Estate XLRE |
+0.08% |
|
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Technology XLK |
+0.53% |
|
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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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