Afternoon Note
By Karina Hernandez, Senior Research Analyst
4/8/2022 1:24 PM
We like the market action as investors get some buying opportunity. The S&P 500 is bouncing off its 50-MA on convincing volume. The Dow Jones is the best performer driven by gains of Home Depot (HD) and Nasdaq is climbing off its lows.
Nine of 11 sectors in the S&P 500 are higher, led by Energy, Financials and Materials. Consumer Discretionary, while flat, is seeing great action in discount and grocery stores stocks.
Technology is the worst performer today with semiconductor and semiconductor equipment stocks struggling.
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S&P 500 Index |
+0.40% |
|
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Communication Services XLC |
+0.12% |
|
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Consumer Discretionary XLY |
+0.03% |
|
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Consumer Staples XLP |
+0.52% |
|
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Energy XLE |
+2.34% |
|
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Financials XLF |
+1.20% |
|
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Health Care XLV |
+0.63% |
|
|
Industrials XLI |
-0.10% |
|
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Materials XLB |
+0.85% |
|
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Real Estate XLRE |
+0.34% |
|
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Technology XLK |
-0.31% |
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Utilities XLU |
+0.60 |
The 10-year is closing in on multi-decade resistance, the line in the sand between dis-inflation/deflation and reflation/inflation.
The Transportation sector is under pressure after Bank of America downgraded several names in the sector.
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