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Afternoon Note

Jobs Rally

By Karina Hernandez, Senior Research Analyst
6/2/2023 1:37 PM

Major indices are extending their strong start to June.  Mixed jobs data strengthened the bet for a pause in rate hikes at the Fed’s meeting later this month, especially with the lifting of the two big clouds, the debt ceiling and more banking tremors.

Even small caps are getting in on the party today. The IWM is above its 200-day moving average and getting closer to its 100-day. Staying and holding above 181-182 would show a healthy rotation.

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All eleven sectors are strong with six up at least 2%, while the Communication Services sector sits at the bottom of today’s leaderboard.

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Keep an eye on the Retail ETF XRT, which is rebounding today after being beaten up in the past three sessions.

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