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Afternoon Note

Chipping Away

By Charles Payne, CEO & Principal Analyst
9/27/2017 1:33 PM
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The markets are currently in the green with the Nasdaq outperforming the DOW and S&P500.  Technology is a bright spot as chipmakers rally off Micron’s earnings report, helping to boost the PHLX Semiconductor Index by 1.6%.

The financial sector is also strong today and being buoyed by a steepening yield curve as the 10-year now trades at 2.29%, a two-month high, and the 2-year at 1.47%, its best level in nine years. Safe havens are down and Gold is trading 1% lower at $1288.50 an ounce.

At midday, decliners are leading advancers 1472/1394 on the NYSE, while on the Nasdaq, advancers outpace decliners 1901/908.  A theme that we have talked quite a bit about lately is the move in small caps stocks that have powered the Russell 2000 higher.  That movement is continuing today as the index hits a record high. 

On the economic front, August pending home sales dropped by 2.6% versus estimates of only a 0.4% decline, the lowest level in nearly 2.5 years. July was also down by 0.8%.  Hurricane Harvey and tight inventories continue to be the main contributors to the recent decline in sales.

The weekly MBA Mortgage Applications Index also declined, down 0.5% after dropping 9.7% last week.

President Trump is scheduled to speak at 3:20 ET to discuss the GOP tax reform proposal.  So, let’s see how that goes.

 

 


Comments
Lots of great news about Tax cuts. Should help market soar again! Nobody is talking about closing loop holes. Why not?

Robert R on 9/27/2017 5:29:49 PM
Lots of people are talking about loopholes but its so vague as to be unbelievable...I think cuts will be best we can do against the swamp and big business and just be thrilled no gimmicks like boarder adjustment tax or removing mortgage interest deductions. CP

Charles Payne on 9/27/2017 5:33:49 PM
Hi Charles,

I still ranting on the news BLACKOUT from Puerto Rico.

The Governor of Puerto Rico is still not talking.

I see the latest video and cars are driving around, so they are getting gasoline and the roads are being cleared.

Last night, you mentioned the shortage of cash money because the ATMs are off line.


According to this NY Post article, the Puerto Rico malls now have their electricity restored.


http://nypost.com/2017/09/27/puerto-ricos-stray-dog-packs-all-killed-by-hurricane/


But you would never know it from the news media.


This article is about the feral packs of abandoned dogs in Puerto Rico.


But they are complaining that malls have electricity.


The woman featured was able to fly in and apparently anticipates no difficulty flying out.

If you read between the lines ... but why do we need to read between the lines.


There are at least three U.S. Navy ships ... giant landing ships LSD types with helicopters that have been on station since BEFORE Hurricane Maria.

Best regards,

Al M.

P.S. During Hurricane Katrina, years ago, Aviation Week was reporting on the progress but they were the only ones, and President Bush got chopped continuously.

Al M. on 9/28/2017 6:40:23 AM
 

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