Afternoon Note
Market Celebrating
By Karina Hernandez, Senior Research Analyst
8/10/2022 1:38 PM
The Street continues to react to better-than-expected inflation numbers - indices higher, yields lower, less curve inversion, and VIX is below 20.
The S&P 500 moved through the key resistance level at 4,178, and now faces a battle to hold 4,200.
Consumer Discretionary is rebounding, and is currently the second best performing sector, recovering a bulk of yesterday’s loss. Utilities is the only decliner.
The market is now pricing in a 50-basis-point rate hike in September, down from 75, according to the CME FedWatch tool.
It’s a dovish move, but not huge, as the market still believes there is a lot more work to do.
| Comments |
| Still so many headwinds, and now maybe profit taking sets in before the week is up. Craig Michaels on 8/10/2022 7:43:01 PM |
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