The market is enjoying sizable gains fueled by the upside momentum from recent sessions. The S&P 500 broke above its 50-day moving average, encouraged by today’s buying activity. In addition, this afternoon, Fed Governor Christopher Waller said he favors another significant rate hike when the central bank meets this September, signaling his backing a 75-bps move.

All sectors are in the green led by Technology and Communication Services.

Advancers are outpacing decliners by a 6:1 margin at the NYSE and nearly 3:1 at the Nasdaq.

On the economic front, Wholesale inventories expanded less than expected at 0.6% versus 0.8%, a sign that inventory pressure continues.

There is major test for the market next week: inflation data. It seems lots of speculators are positioning ahead of the CPI print.

Have a great weekend.