The market is losing ground on Friday as investors continue to receive mixed signals from the Fed. This morning, Richmond Fed Barking said the central would do what it takes to bring down inflation, even if it leads to recession.  These comments come after St. Louis Fed Bullard (another voting member) supports a three-quarter point hike in September.

Rotation to safe havens today with Health care and Utilities holding onto gains. Consumer Discretionary is the worst performer led by Wayfair (W) down 20% today as the company announced plans to fire about 900 employees.

The dollar continues its course and is strong again today, but yields are higher as well. The 10-year note inched higher, getting closer to 3% following Fed’s Barkin’s comments.

As earnings season winds down, investors focus will now shift to the upcoming Jackson hole meeting.

Enjoy the weekend and wait to see what the Fed has to say next week.