Afternoon Note
For the briefest moment in time, all three major equity indexes traded in the green this morning. They have once again reversed course and are attempting to hit the green. The NASDAQ is positively influenced by the semiconductor ETF which is sporting a +1.00% gain due to merger and acquisition talks within the sector. The general technology ETF (XLK) is straddling the breakeven level. Currently, commodities are the main market gainers with the energy ETF (XLE) a sporting gain of +3.30%. Crude oil futures have jumped a whopping 5.7% to nearly $45 per barrel. The health care sector, on the other hand, is continuing to trend lower after failing to break above a key resistance level.
The Bureau of Economic Analysis’ (BEA) release of the July Personal Income & Outlays which demonstrated growth in both consumer spending and personal income for the month. During Q2-2015, personal savings as a percentage of disposable income decreased to 4.8% from 5.2% in Q1-2015. Personal income rose by 0.93% sequentially while personal consumption expenditures (spending) increased by 1.30% sequentially. Consumers spending at a faster rate of growth than income, coupled with rising consumer sentiment is a good sign for the economy.
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4/8/2024 9:45 PM | Cautious Feel |
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