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Afternoon Note

Fascinating Resolve

By Karina Hernandez, Senior Research Analyst
6/1/2023 1:48 PM

The resolve of the market is once again fascinating. The market reversed and is at the highs of the day.  The Street is looking past some economic data and upping their bets for a possible pause to the Fed’s rate-hiking campaign.

Gains in all but two components are helping the sector start June on a strong note. Energy leads supported by a higher price of oil.

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Keeping an eye on the NASDAQ 100, which makes a huge breakout through 14,500.

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The US ISM Manufacturing PMI came in at 46.9 up from a three-year low of 46.3. The number missed the street and represent the sixth straight month in which economic activity contracted in the manufacturing sector.

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