Sector Spotlight: Investors Await The Result Of Midterms
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Market Recap For November 7th, 2022
After waffling around for most of the day on Monday, the major indices finally started to push higher and close on a bullish note going into the midterms.
Probably the most positive aspect of yesterday’s rally was the S&P’s ability to close above the 3800 mark, which should mean higher prices are coming.
Yesterday’s Sector Performance
Communication Services rebounded to start the week.
Utilities had a very rough day, considering the market ended up in the green.
Five-Day Sector Performance
Energy is still on top of the market, not surprisingly.
Consumer Discretionary stocks are still bringing up the rear.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Communication Services Select Sector SPDR (XLC)
Monday started things off on the bullish side of things, but a lot can happen in a week with major elections and a hyper watched CPI report.
If stocks continue to press higher, the start of the week implies that the XLC and XLE could be two of the top performers.
Good luck!
