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“History provides a crucial insight regarding market crises: they are inevitable, painful, and ultimately surmountable.” – Shelby M.C. Davis

CPI below expectations

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The post-FOMC hangover has carried through the weekend as foreign equities and now the US are all trading sharply lower to start the week.  Higher interest rates, higher inflation, and higher geopolitical tensions remain the key headwinds facing the equity market and fixed income, and they don’t show many signs of abating at this point.  The only thing equities have going for them is that every major US index heads into the week at oversold levels.

In today’s Morning Lineup, we recap the shifting sentiment in the tech sector to profits over growth (pg 4), Chinese trade date (pg 6), investor sentiment (pg 6), and a lot more.

With equities poised to open down over 1% this morning, the S&P 500 will be trading right near new lows for the year and right around lows from last April and May. It’s been a while since the S&P 500 has traded at a 52-week low, but that’s a real possibility this morning.

Looking at where sectors stand heading into the week, the snapshot below from our Trend Analyzer shows that last week was a mixed picture for markets.  While Real Estate, Consumer Discretionary, and Consumer Staples were all down over 1%, Energy surged over 10%, while Utilities managed to rally over 1%.  On a YTD picture, the trend remains the same. YTD it has been basically Energy and everything else.

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