Afternoon Note
Another choppy session with mixed performances from the major indices following Powell comments this morning.
The Federal chairman offered hawkish remarks at the ECB summit, reiterating that the Fed is committed to bringing down inflation to 2%, and will not allow the economy to move to a highly inflationary environment. Powell’s words show that the Fed remains focused on taming sky-high inflation, signaling that policy makers have every intention of moving ahead with hiking interest rates in the coming months, even if the move means some pain and a hard landing for the economy. On this note, Cleveland Fed President Mester said she would advocate for another 75bps rate hike in July if conditions remain unchanged.
Only safe-haven sectors Consumer Staples and Healthcare are in the green. Energy and Materials are the worst performers.
S&P 500 Index |
-0.32% |
|
Communication Services XLC |
-0.35% |
|
Consumer Discretionary XLY |
-0.56% |
|
Consumer Staples XLP |
+0.45% |
|
Energy XLE |
-3.07% |
|
Financials XLF |
-0.69% |
|
Health Care XLV |
+0.84% |
|
Industrials XLI |
-1.08% |
|
Materials XLB |
-1.33% |
|
Real Estate XLRE |
-1.27% |
|
Technology XLK |
-0.15% |
|
Utilities XLU |
--0.31% |
Downgrades are the new norm, most recently JP Morgan JPM) reduced estimates and price targets in many oversold names in Technology.
Breadth is messy. Decliners outpacing advances almost 2-1 on the NYSE, and down volume is five times greater than the up volume.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
905 |
1,271 |
Decliners |
2,237 |
3,030 |
New Highs |
5 |
8 |
New Lows |
171 |
290 |
Up Volume |
399.25 million |
1.62 billion |
Down Volume |
1.94 billion |
2.00 billion |
All eyes tomorrow will be watching and waiting for the PCE deflator.
Tweet |
8/15/2022 1:03 PM | Housing Recession |
8/15/2022 9:37 AM | THE BOUNCE THAT WANTS TO BE A BOOM |
8/12/2022 1:50 PM | Winning Week |
8/12/2022 9:46 AM | SHOOTING STAR SIGHTING |
8/11/2022 2:14 PM | Markets Resolving |
8/11/2022 9:40 AM | MARKET CELEBRATES CPI |
8/10/2022 1:38 PM | Market Celebrating |
8/10/2022 9:48 AM | THAT KNOT IN YOUR STOMACH IS REAL |
8/9/2022 1:43 PM | Recession Ahead? |
8/9/2022 9:19 AM | SMALL-CAPS BASK IN THE SUN |
8/8/2022 1:20 PM | Retail is Back |
8/8/2022 9:40 AM | Small Caps Flexing Muscle |
8/5/2022 1:27 PM | Musing Out Loud |
8/5/2022 9:37 AM | THE FED FEELING BLUE |
8/4/2022 2:09 PM | BINGO |
8/4/2022 9:30 AM | Fed Shows True Colors |
8/3/2022 1:49 PM | Market Took Off |
8/3/2022 9:44 AM | WARRIORS…COME OUT AND PLAY |
8/2/2022 1:19 PM | Anxiety Easing |
8/2/2022 9:36 AM | WAVES OF BAD ECONOMIC DATA CAN’T BE IGNORED…OR DENIED |
8/1/2022 1:40 PM | Contraction Continues |
8/1/2022 9:26 AM | Thanks July…Now What About August? |
7/29/2022 1:33 PM | Tipping the Scale |
7/29/2022 9:44 AM | COULD A RECESSION BE OVER BEFORE IT STARTED? |
7/28/2022 1:12 PM | Shake The Trend |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|