Afternoon Note
As anticipated, the market is down across the board after digesting the Fed decision to leave rates unchanged, with nearly all the indices heavily into the red and the Dow now back in correction territory. The lone winner is the Dow Utilities which is up a fraction as it benefits from lower interest rates. Not the most exciting sector, but it's nice to see a touch of green.
Today’s selloff has erased this weeks’ gains as the main indexes are basically where it started the week. Volume remains strong due to quadruple witching. As global growth concerns continue to mount, stocks are not the only one down. Oil has given up approximately 4% today, which is also a proxy for energy, material, and industrial stocks.
Oil services giant Baker Hughes (BHI) released its weekly oil rig count (number of rigs searching for oil and gas in the country) for the U.S. and Canada with yet another decline.
On the economic front, The Conference Board Leading Economic Index (LEI) for the U.S. edged up 0.1 percent in August to 123.7. It was flat in July and increased 0.6 percent in June. Based on the reading, economic growth appears to be moderate for the rest of the year. According to Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board, “Average working hours and new orders in manufacturing have been weak, pointing to more slow growth in the industrial sector. However, employment, personal income and manufacturing and trade sales have all been rising, helping to offset the weakness in industrial production in recent months.”
Adobe (ADBE) reported earnings per share (EPS) of 54 cents which was 4 cents above estimates. While the 3rd quarter was strong, the company issued lower Q4 guidance. Shares traded up as much as 4.5% on high volume before pulling back, but it is a bright spot in the S&P 500.
We see no reason to pull the trigger. Have a great weekend.
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4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
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4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
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4/4/2024 1:42 PM | Stocks Bounce |
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4/3/2024 1:41 PM | Cuts Not Soon |
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4/2/2024 1:16 PM | Under Pressure |
4/2/2024 9:49 AM | HIGHER PRICES & JOBS LOSS – “NO” ON FED BINGO CARD |
4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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