Evening Notes 2
Hotter ISM services pushed the market lower as Prices Paid, Employment and new orders were all better which the market took more note of than the weaker S&P global US PMI’s. So the pressure is back on the FED again and yields pushed higher again. All sectors were mainly lower today ex energy with Tech & consumer Discretionary were the weakest sectors of the day due to the big names under pressure. The standouts to the downside from the Magnificent 7 were AAPL, TSLA & NVDA. With Energy & cyclicals relatively outperforming the Russell 2k was one of the best index today. Later in the day he Fed beige book came out today and looks like a late cycle picture.