Updated: Nov 14, 2022
Happy Sunday, friends! We have a busy week of data and earnings, with plenty of Fed speakers interspersed into the mix. On top of all that we have volatility product and options expiration!
What happened in markets last week
We saw an impressive rally in many S&P 500 components, and particularly some of the mega cap technology stocks with MSFT leading the way, up 11.62% and on the other side TSLA sliding 5.54%.
Cooler than expected CPI data encouraged a powerful upward move from Thursday on and weaker than expected University of Michigan Consumer Sentiment led to a continuation of the rally through the familiar "bad news is good news" theme.
In the more defensive areas of the market, like the healthcare sector, there was some downward pressure in drug manufacturers and healthcare providers. The aerospace sector also saw some pressure to the downside in packaged consumer staples.