Afternoon Note
Chicago PMI came in at 66.2 reading the highest since March 2011 and significantly higher than the 61.0 Wall Street consensus.
Output and demand moved higher for the third straight month and backlog climbed to its highest level in 43 years.
The lone red flag was employment, which slipped below 50 which means contraction.
Also on the economic front, according to Case Shiller, home prices in August reached new all-time highs, with the U.S. National Home Price NSA index rising 6.8%. National home prices were up 6.1% compared to an expectation of a 5.8% increase. The 20 city index, a key reading, was up 5.9% after being up 5.8% in July. David Blitzer, a managing director at S&P Dow Jones indexes, said “home price increases appear to be unstoppable.”
In the latest on tax reform, President Trump hopes the House will pass a bill by Thanksgiving that he can sign by Christmas. The House Republicans plan to unveil a draft this Wednesday. When it comes to a phasing in of corporate tax rate reductions, the president said “We’re not looking for that, hopefully not.”
At midday, the markets have been trading sideways and currently all in the green. The Nasdaq is the top performer today led by technology. Advancers led decliners 1753/1138 on the NYSE and 1807/1036 on the Nasdaq.
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4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
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 |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
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 |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
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