Discretionary stocks continue to shake off the idea that inflation is crushing the consumer. Tech stocks have now gained 12% over the past month and are one of the groups powering this market higher. For the first time this summer, energy is making a meaningful turn higher.

Discretionary stocks continue to shake off the idea that inflation is crushing the consumer. Tech stocks have now gained 12% over the past month and are one of the groups powering this market higher. Investors are clearly seeking out positive storylines in this market and that’s carried over to the industrial sector.

The consumer discretionary sector is a perfect example of how investors have pivoted back to growth sectors over the past few weeks. The long-awaited breakout for tech stocks might finally be happening. Industrials recovered along with the rest of the cyclical space and continues to hold up fairly well despite the setbacks happening in the economy.