Afternoon Note
The market is extending its gains with Industrials sitting among the top performers. Financials are also outperforming this afternoon as the sector hits one-year highs with outsized strength among consumer finance organizations such as Discovery Financial Services (DFS) and Synchrony Financial (SYF).
A decline in yields have acted as a support for the market today. The 10-year yield is down 45 basis points and testing its 200-day moving average.
On the economic front, the LEI is down again -0.1%m/m, but it is less than the anticipated -0.3%. The index saw its smallest decline since March 2022.
The non-financial component of the LEI continues to drag the index down with big hits from consumer expectations for business conditions and ISM index of new orders. This report has been the centerpiece of many economic models predicting recession, but the timing has been off.
Massive earnings this week with 40 of the largest stocks reporting. And all eyes will be on Netflix (NFLX) when it reports after the bell tomorrow.
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