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Afternoon Note

Winning Week

By Karina Hernandez, Senior Research Analyst
8/12/2022 1:50 PM

Markets are rallying, and the S&P 500 is on track for its fourth positive weekly gain. The index is heading back towards the key resistance point of 4258, followed by 4,304.

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Technology is leading this afternoon and semiconductors  are strong with the PHLX Semiconductor index up 2.44%.

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The University of Michigan reported its preliminary number for the month of August this morning. We saw a decent increase in consumer sentiment, but it is still an extremely negative reading.

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The report also shows a pretty high number when it comes to 5-10 year inflation. This indicates higher prices are becoming entrenched in the minds of consumers, and corporate America, which could make the Fed get even more aggressive.

Have a great weekend.


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