Afternoon Note
By Karina Hernandez, Senior Research Analyst
9/15/2023 1:33 PM
It’s been a very lackluster session with the Nasdaq dropping like a lead balloon and the S&P trying to gain traction but coming up short for now.
It does feel like there is no sense of urgency for buyers to step up.
A lot of red on the screen, but the safest haven sector (Utilities (XLU) and Health Care (XLV) are the least bad performer.
Sharp decline in Consumer Sentiment, which came in well below consensus, as energy prices increased, and a potential government shutdown is on the horizon. Inflation expectations improved modestly, though.
|
Univ. of Michigan |
Actual |
Consensus |
July |
|
Sentiment |
67.7 |
69.0 |
69.5 |
|
Current Conditions |
69.8 |
74.8 |
75.7 |
|
Expectations |
66.3 |
65.00 |
65.5 |
|
1 Yr. Inflation |
3.1% |
3.5% |
3.5% |
|
5-10 Yr. Inflation |
2.7% |
3.0% |
3.0% |
Have a great weekend.
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