Reply To: Traders Market Weekly: The Fed’s Fight Against Inflation

#38384
Truman
Participant

Technology (131.34 -4.99)

Top-weighted technology (-3.7%) is battling with consumer discretionary (-4.0%) for the bottom slot on today’s lackluster session.

Key factors driving today’s performance include:

Inflation data coming in higher than expected, leading to a higher probability that the Fed will remain on its aggressive rate-hike path.
The US 10-yr Treasury adding 11 bps today to 3.15%, bringing it to levels not seen since November 2018.
Broad-based weakness as every component trades below their flatlines.

Top-weighted technology (-3.7%) is battling with consumer discretionary (-4.0%) for the bottom slot on today’s lackluster session.

Key factors driving today’s performance include:

Inflation data coming in higher than expected, leading to a higher probability that the Fed will remain on its aggressive rate-hike path.
The US 10-yr Treasury adding 11 bps today to 3.15%, bringing it to levels not seen since November 2018.
Broad-based weakness as every component trades below their flatlines.
Notable movers:

Adobe (ADBE 391.83, -34.59, -8.1%): weakest performer in the sector, opened below 50-day moving average (417.35).
NVIDIA (NVDA 169.01, -11.47, -6.4%): opened below 20-day moving average (178.63).
PayPal (PYPL 78.81, -5.29, -6.3%): moving below 20-day moving average (82.47); Apple (AAPL) announced its BNPL service on June 6.
Micron Technology (MU 62.46, -3.56, -5.4%): setting a fresh 52-week low.
Intuit (INTU 379.86, -20.69, -5.2%): drifting below 20-day moving average (390.76).
Paycom Software (PAYC 287.52, -14.76, -4.9%): flirting with 20-day moving average (286.82).
Salesforce (CRM 177.99, -9.11, -4.9%): pulling below 50-day moving average (179.32).
Cadence Design Systems (CDNS 148.18, -7.63, -4.9%): after meeting some resistance at its 200-day moving average (160.82) earlier in the week, gapping below 50-day (151.99) and 20-day (150.33) moving averages.
Autodesk (ADSK 185.53, -9.53, -4.9%): gapping well below 50-day moving average (197.17).
Applied Materials (AMAT 102.16, -5.07, -4.7%): flirting with 52-week low of $101.33 reached on May 20.
ServiceNow (NOW 470.44, -21.59, -4.4%): pulling below 50-day moving average (481.13) as it begins to flirt with its 20-day moving average (461.61).
Citrix Systems (CTXS 98.21, -0.84, -0.9%): strongest performer in the sector, still trading lower on the day as it dips below 200-day moving average (98.58).