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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

 

-0.52%

Communication Services XLC

 

-0.73%

Consumer Discretionary XLY

+0.51%

 

Consumer Staples XLP

+0.49%

 

Energy XLE

 

-0.59%

Financials XLF

 

-0.55%

Health Care XLV

 

-0.44%

Industrials XLI

 

-0.12%

Materials XLB

 

-0.66%

Real Estate XLRE

 

-0.05%

Technology XLK

 

-0.16%

Utilities XLU

 

-0.37%

 

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.

Image

All eyes on the CPI report tomorrow.

 


 

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