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Afternoon Note

Busy Week

By Karina Hernandez, Senior Research Analyst
1/30/2023 1:44 PM

The market opened lower and quickly found terra firma, only to slip then even further after the Dallas Fed report.


The index has dropped now for the ninth consecutive month; however, moving up to -8.4% and surpassing consensus of -15%.

New orders moved higher, and employment numbers were encouraging. But it was the responses that triggered selling:

"Current federal policies are killing small businesses. From diesel prices to shortages, everything costs so much more."

"Recession is on its way."

"We have a bleak outlook until the Fed stops interest hikes and the admin seeks energy independence."

Only two sectors are posting gains this afternoon while Energy is lagging.

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The major indices are retreating to start off a busy week. 


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