Market Recap For May 3rd, 2022
The major indices moved higher on Tuesday, in line with expectations. However, activity seemed somewhat muted compared to previous days.
With the Fed announcement coming today, markets may see volatility more reflective of recent moves.
Yesterday’s Sector Performance
Even though oil was down on the day, Energy stocks were certainly not.
Discretionary and Staples were the only sectors in the red.
Five-Day Sector Performance
Energy is still leading the trading week, followed by Technology.
Real Estate remains at the bottom, with Utilities a distant 2nd.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
There are both positive signs and lingering negative ones in the market, at this juncture. The FOMC statement today should unlock the next move.
If that moves ends up being a higher one, Energy and Technology look poised to lead the way, and that brings the XLK and XLE to the forefront.
Good luck!