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


The discretionary sector is the worst performer amid concerns about inflation weighing on consumer spending. Every component of the sector trades in the red with Etsy (ETSY 76.06, -7.01, -8.4%) and Booking Holdings (BKNG 2112.41, -165.43, -7.3%) sitting at the bottom of the barrel.

Amazon (AMZN 109.40, -6.75, -5.8%) is falling for the fourth consecutive day toward its May low (101.26) while the SPDR S&P Retail ETF (XRT 63.59, -2.26, -3.4%) has dropped to its lowest level in over two weeks.

Concerns about the strength of the consumer have also been reflected in underperformance among credit providers.

Discover Financial (DFS 99.16, -6.97, -6.6%) and Synchrony Financial (SYF 31.73, -2.13, -6.3%) are the biggest laggards among financials.

The top-weighted technology sector is also suffering from broad-based weakness and pressure from underperformance in some of its largest components like Adobe (ADBE 392.40, -34.02, -8.0%) and NVIDIA (NVDA 170.28, -10.20, -5.6%). Apple (AAPL 137.71, -4.93, -3.5%), meanwhile, trades a step ahead of the sector.