Payne's Perspective: May 1, 2023: The Market Has a Message
It was a monster week for the stock market for the most basic reason – earnings came in significantly above the consensus. I keep saying this was highly likely, as every Wall Street expert complained that estimates were too high, even as they were coming down rapidly into earnings reporting season.
I’ve always said earnings are the mother’s milk of bull markets, and the milk was good last week. Don’t get me wrong, misses were met with harsh reactions, and even big-time earnings beats weren’t always enough to stave off big selloffs.
The NASDAQ Composite continues to pave the way, led by mega-cap names, while unlikely leadership, which allowed the Dow Jones Industrial Average (my least-favorite major index) to keep pace with the S&P 500. And don’t forget bonds, which continue to mount an impressive rally after being written off last year (yes, I was on that bandwagon as well).
Meanwhile, commodities remain soft, especially crude oil. However, major crude producers delivered mind-boggling financial results.
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