Afternoon Round-up - May 12, 2023

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• 💦 Equities take a little dip - bears got the last laugh this week

• 😏 Michigan serving up unpredictable weather and inflation reports

• 🚫💰 No earnings today?! Shocker.

Market Levels Recap: The S&P 500 took a slight hit, closing down by 0.16% 😮. Meanwhile, the Dow Jones held steady and Nasdaq and Russell 2000 dipped. China's Hang Seng Index wasn't so lucky, taking a 2.85% nosedive 📉. Treasury yields are up, thanks to inflation jitters. The US dollar flexed its muscles 💪, continuing its climb from Thursday, while Brent crude prices took a spill, dropping around 1%. On the flip side, natural gas prices are making waves, rallying 3.6%. Gold and bitcoin slipped, just a bit.

Friday's Drama: Friday was a relatively chill day 🌴, except for the Michigan survey, which was a downer on both the sentiment and inflation fronts. The Congressional Budget Office's update on debt ceiling timing was right on the money 💵 with current expectations. Big name earnings reports were missing in action. In stock news, bank and real estate stocks continued to drag their feet 🐌.

Stocks Forecast: Our view on the market hasn't changed. We're still banking on earnings strength, the end of Fed rate hikes, continued US disinflation, and extreme negativity to act as wind in the sails of equities 📈. Despite the doom and gloom "hard landing" talk, we're sticking to our guns 💪 until we see a shift.

🌯 That's a wrap for the week. Enjoy your weekend. 🌯

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Fin-specto Revelio!