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Afternoon Note

Waiting for More Economic Data

By Karina Hernandez, Senior Research Analyst
12/8/2022 1:57 PM

The market continues to wait for more economic data leading up to next week’s Fed interest rate decision. The S&P is proving to be stubborn, re-testing key support of 3,945 and hoping to end a five-day losing streak.

The 50-day moving average crossed below the 200-day moving average, forming a so-called death cross. It simply means recent selling is so intense that it’s overwhelming the pace of a longer-term decline. The last time there was a death cross of the VIX so called “fear index”, it shot straight up to 35.

Technology is the best sector this afternoon with semiconductors such as Monolithic Power Systems, Inc (MPWR) and NVIDIA Corporation (NVDA) among the best performers in the S&P 500 ahead of Broadcom (AVGO) fourth quarter results after the bell.

All eyes on the producer price index tomorrow. It is expected to have gained 7.2% in November, down from 8% in October.


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