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Afternoon Note

The Rally is holding back the Rally

By Charles Payne, CEO & Principal Analyst
7/31/2017 1:09 PM
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Rally is fading as Chicago PMI pulled back from spike that took it near all-time high.  The decline was larger than Wall Street anticipated, as it slipped to 58.9 in July from a three-year high of 65.7 in June.

The Chicago region is an important window into the broader U.S. economy because the nation’s most important business sectors are located in that city.

United States Chicago PMI

The rotation in financials from technology are back in vogue. Financials is the best performer in today’s session while technology, pulling back from last week gains, currently down is -0.30%.

Sector Performance

% Change

S&P 500 Index

 

+0.07%

Consumer Discretionary (XLY)

 

+0.02%

Consumer Staples (XLP)

 

+0.10%

Energy (XLE)

 

+0.11%

Financials (XLF)

 

+0.84%

Health Care (XLV)

 

+0.21%

Industrials (XLI)

 

+0.10%

Materials (XLB)

-0.49%

 

Real Estate (XLRE)

-0.70%

 

Technology (XLK)

-0.30%

 

Utilities (XLU)

 

+0.21%

 

Declining issues outnumbered advancers on the NYSE by 1,478 to 1,328, and on the Nasdaq, 1,669 issues fell and 1097.

Let’s stay on the sidelines for the remainder of the day.


 

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