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Afternoon Note

Testing 2023 Rally

By Karina Hernandez, Senior Research Analyst
1/27/2023 1:48 PM

The market is exhibiting resilience as it closes an amazing week of corporate earnings, economic data and wild gyrations that has tested the 2023 rally, which is passing with flying colors.

The University of Michigan Consumer Sentiment read was slightly better than expected. Inflation expectations moderated with one year dropping 0.1% to 3.9% and 5-10 year dropping 0.1% to 2.9%.


Pending home sales figures came in strong at 2.5% vs. -0.9% expected. This was the largest jump since October 2021; however, the index is still sitting at the bottom of the trend.


Strong day for cyclicals stocks over defensive. Consumer Discretionary and Technology led the way, while the traditionally lower beta Consumer Staples and Real Estate are lagging.


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