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Afternoon Note

Trading Remains Choppy

By Karina Hernandez, Senior Research Analyst
6/9/2022 1:51 PM

The market is bouncing around following the European Central Bank (ECB) signaling a rate hike next month. They didn’t talk about the size of the September hike, but 50 basis points is on the table.

Only two sectors remain in the green currently with Consumer Discretionary exhibiting relative strength with Tesla (TSLA) leading following an upgrade from UBS. Some retailers such as Home Depot (HD), Costco (COST) and Walmart (WMT) are providing support as well.

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 S&P finding support at ~4,085 and trading well off its intraday lows.

ChartDescription automatically generated

Cautiously watching the 2-year yield, which jumped above 2.8% for the first time since 2018. The bond market still expects aggressive rite hikes this year.


All eyes on the CPI report tomorrow.



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