Afternoon Note
The major indices pulled back after the opening bell, as investors remains on edge over geopolitical and recession concerns. Disappointing economic data added fire for the bears. The Street is also looking forward to tomorrow’s presentation on Central Banking given by European Central Bank President Christine Lagarde, Fed Chair Jerome Powell and Bank of England’s Governor Andrew Bailey at the ECB’s 2022 Forum on Central Banking.
The S&P 500 is seeing support holding at the prior gap and resistance at 3,944. A break below 3,877 opens the door for a move down to 3,830.
Energy is the sole winner while Consumer Discretionary is the weakest. All six mega caps stocks are down.
S&P 500 Index |
-0.94% |
|
Communication Services XLC |
-2.07% |
|
Consumer Discretionary XLY |
-3.04% |
|
Consumer Staples XLP |
-0.70% |
|
Energy XLE |
+1.81% |
|
Financials XLF |
-0.22% |
|
Health Care XLV |
-1.47% |
|
Industrials XLI |
-0.38% |
|
Materials XLB |
-0.57% |
|
Real Estate XLRE |
-0.31% |
|
Technology XLK |
-2.19% |
|
Utilities XLU |
-0.07% |
The Conference Board’s consumer confidence index for June fell to 98.7, its lowest level since February 2021, as expectations continue to decline.
Richmond Fed manufacturing and new orders indexes collapsed in June, and are now at recession levels.
Comments |
consumer discretionary yikes! Pat Pedley on 6/28/2022 9:19:11 PM |
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