Morning Commentary
By the closing bell, it was hard to find red on the screen as buying continued to broaden with a distinct focus on value.
As yesterday’s session moved along, the market picked up speed, and the biggest beneficiaries were sectors that reacted positively to the Consumer Price Index (CPI) surprises: Technology (XLK), Real Estate (XLRE) , and Financials (XLF).
Eclectic Leaderboard
It was an odd leadership board paced by companies that are not household names among investors. Several earnings-challenged names were among the biggest advancers, along with some short squeezes and the new semiconductor darling.
Heat Map
The biggest boxes were mostly green, and even though there weren’t big gains, which was enough to lift the entire market.
Very Bullish Breadth
Market breadth was extremely bullish, especially the up volume to down volume on the NASDAQ Composite.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,874 |
2,788 |
Decliners |
938 |
1,489 |
New Highs |
157 |
170 |
New Lows |
14 |
77 |
Up Volume |
3.76 billion |
6.08 billion |
Down Volume |
985.78 million |
1.18 billion |
The NASDAQ closed at a new high on huge volume.
Now, it’s all about the Consumer Price Index (CPI) Report.
Today’s Session
CPI came in mostly as expected, but the headline month to month +0.3% was a tick below the consensus of +0.4%
The number is still far too high for Main Street but has Wall Street salivating over a rate cut in September.
Retail Sales
Retail sales were unchanged last month, and the control group was -0.3%. Gasoline stations saw a 3.1% increase. Interestingly, the internet was down, and department stores were higher.
There were also declines in motor vehicles, furniture, health care, sporting goods, and general merchandise.
Empire State Fed Manufacturing Survey
The survey came in at -15.60 against consensus of -9.90. The good news is prices came down. The not-so-good news is in employment.
Tweet |
10/31/2024 1:52 PM | Difficult Sledding |
10/31/2024 10:01 AM | TOO COCKY? |
10/30/2024 1:45 PM | Check Time |
10/30/2024 9:44 AM | GENERALS LEAD…KEEP UP IF YOU CAN |
10/29/2024 1:47 PM | All Eyes on Google |
10/29/2024 9:09 AM | DJT SETS THE PACE |
10/28/2024 1:43 PM | Busy Week |
10/28/2024 9:47 AM | Flipping the Script (again) |
10/25/2024 1:43 PM | Nasdaq Leads |
10/25/2024 9:59 AM | Musk Can’t Lose |
10/24/2024 1:42 PM | Nasdaq Rebounds, Yields Ease |
10/24/2024 9:59 AM | Growth Stumbles |
10/23/2024 1:21 PM | Bracing for Tesla Earnings |
10/23/2024 9:47 AM | Tech Keeps Moving Higher |
10/22/2024 1:18 PM | Market Uneasy |
10/22/2024 9:58 AM | All Hail |
10/21/2024 1:15 PM | Earnings to the Rescue? |
10/21/2024 9:54 AM | Extreme and Infectious |
10/18/2024 1:26 PM | Netflix Delivers |
10/18/2024 9:50 AM | Institutional Panic Buying |
10/17/2024 1:26 PM | Tech Boost |
10/17/2024 10:03 AM | HERE’S A SONG THAT WE’RE SINGING… |
10/16/2024 1:31 PM | Small Cap Outperforms |
10/16/2024 9:55 AM | CHIPS FALL |
10/15/2024 3:48 PM | The MoneyShow Orlando, October 17-19, 2024 |
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