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Afternoon Note

Still Not There

By Karina Hernandez, Senior Research Analyst
5/10/2022 2:12 PM

The market is mixed this afternoon, and is rebounding from the worst 3-day selloff since 2020. It seems the sentiment of people buying is still not there; however, volatility remains here. In midday trading, the Dow Jones gained 111.3 points, the S&P 500 increased 39 points while Nasdaq is gaining 259 points.

This morning, President Biden delivered a speech to discuss his plan to fight inflation. This was not the best Biden’s speech in both content and delivery. Among other things, the President regurgitates the same old dry and devise excuses for presiding over harshest inflation felt in four decades.

Six out of the eleven sectors are in the green, including top-weighted technology. Apple (AAPL) and Microsoft are holding onto gains as yields decrease for the second day in a row.

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




The retreat in the ten-year is a welcome sign.

Chart, scatter chartDescription automatically generated

All eyes on CPI report tomorrow.

Let’s not force the issue here.


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