As we spoke about last week, the volatility introduced by Wednesday’s FOMC announcement to keep rates steady, but still remain hawkish on inflation, has cause some large drops in the market with the S&P falling by nearly 3%. This obviously had ripple effects that stretched across the market.
No sector was spared from this as every sector ended the week well in the red with consumer discretionary stocks falling over 6%. As we look to start a new week, sentiment across the market seems to be overwhelmingly bearish, unless we can get some consecutive pushes off support with healthy buying volume.
In an unsurprising development from last week, although none of the defensive sectors ended the week green, they did all seem to float to the top of the pack in what could be looked at as a character change in the market overall. It would seem, for right now anyway, the AI-induced rally is starting to fade out.
As we look to kick off another action-packed week of trading, there are a few things I’d like to highlight in order to better prepare the reader for whatever the market has to throw at us and, you guessed it, nothing too positive is developing. Be sure to check out the…
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