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Afternoon Note

Somewhat More Positive Day

By Karina Hernandez, Senior Research Analyst
5/22/2023 1:44 PM

Today’s trade has a somewhat more positive vibe, which still focuses on debt-ceiling talks and comments from Fed officials.

It is about the S&P 500 hitting 4,200.  It hit another resistance at the open, which it struggled to hold above on Friday.

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Yields are higher today with the 10-year reaching 3.70%, its highest level since March 9, following hawkish comments on interest rates from Fed Bullard. Meanwhile, Fed Kashkari said a decision to pause in June is a close call, but it doesn’t mean the tightening cycle is over.

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Consumer Staples is the worst performer, as investors appear to be rotating out of that sector, while Communication Services leads the outperformers.

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