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Afternoon Note

Seeking for Fed’s Guidance

By Karina Hernandez, Senior Research Analyst
8/17/2022 1:51 PM

Markets pulling back amid mixed earnings reports and investors taking profits after recent gains. The S&P 500 struggling to break above its 200-day moving average.

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Energy is the sole winner this afternoon with oil refiners among the strongest performers. Oil jumped higher after the EIA reported gasoline inventories falling more than expected.

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On the economic front, business inventories rose 1.4%, and matching consensus, after advancing 1.6% in May. Retail inventories increased 2%, while Motor vehicles accelerated 3.3% in June. Excess in inventory has left businesses, especially retailers, with little appetite to continue restocking.

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All eyes on the FOMC minutes.


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