Afternoon Note
The markets are taking a breathier after yesterday’s run up, and all the major indices are in the red.
Market internals are to the downside with advancers trailing decliners on the NYSE 996/1885 and 1116/1584 on the NASDAQ. Financials are down about .4% as investors consider the proposed Federal Reserve ruling impact on financial holding companies that would require stricter capital requirements and limitations on physical commodity transactions (and they do not want banks and holding companies to own or store copper).
Energy is leading the decline for the S&P500. Oil is lower as WTI trades below $45, down 3.3% today. Once again, there are doubts that there will be cuts to production when OPEC meets. There was news that Saudi Arabia offered to cut its production if Iran will play nice and cap its output. Guess what? Rumors have it that Saudi is now saying no deal. Does anyone really think Iran will ever play nice?
The September preliminary read or “flash” manufacturing PMI for September came in below expectation at 51.4 and down from 52 last month. A reading above 50 indicates expansion in the sector. According to Tim Moore, senior economist at HIS Markit, "September's survey data points to a sustained upturn in manufacturing production, although growth remains subdued overall and only slightly faster than seen through the first half of 2016," and went on to say, "However, manufacturers reported firmer job hiring than one month previously and input price inflation nudged upwards, meaning that the weaker headline PMI figure is unlikely to dampen expectations that the Fed will tighten policy at the end of the year."
Talks of a buyout by either Salesforce (CRM) or Alphabet (GOOGL) has shares of Twitter soaring over 19% to $22.25. The stock hasn’t been this high since the start of the year. This news came on the heels of a downgrade from RBC’s Mark Mahaney, who predicted TWTR shares could drop 25% due to weak interest from advertiser. So, stay tuned.
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3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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