The market is cheering the selection of Jay Powell, but growth stocks finally overheated. Many great names are coming down hard. I would mostly be a holder and looking to be a buyer of dips. President Biden and Powell are going to speak to the media at 1:20.
Tech slipped a bit when yields reversed higher and that moved the needle on financials. Financials are also getting a boost knowing Powell is not looking to go to war with them.
Energy is higher even as scuttlebutt grows the administration is set to release oil from the strategic reserve. The move would do very little to help more than a couple of days but might check a PR box.
S&P 500 Index
Communication Services XLC
Consumer Discretionary XLY
Consumer Staples XLP
Health Care XLV
Real Estate XLRE
Existing home sales came in at annualized pace of 6.34 million beating consensus of 6.2 million.
To see the chart, click here.
The S&P 500 edging higher and buyers are looking around for fresh ideas.