Afternoon Note
While there are huge wins like Facebook (FB), companies that missed or offered subpar guidance are taking bigger hits than winners are getting lifts. This makes assessing one’s portfolio difficult because some names should be sold at a loss while for others the overreactions are buying opportunities. Ironically, Facebook is the best example.
Technical View
Great session thus far picking up from yesterday where the Dow Jones Industrial Average climbed off the canvass to erase a 200-point decline. From there, big upside test to 24,321, then the big breakout at 24,544.
Economic News
A good read on initial claims for the week ending April 21. Claims decreased by 24,000 to 209,000, the lowest level of initial claims since December 6, 1969. A better read, the 4-week moving average declined by 2,250 to 229,250.
Continuing claims decreased by 29,000 to 1,837,000, the 4-week moving average was 1,849,750 and the lowest read since January 5, 1974. Initial claims have been below 300,000 for 164 consecutive weeks as the labor market continues to tighten. This, coupled with an uptick in wages, may add to inflation concerns.
On the manufacturing front, March new orders for durable goods increased 2.6%, beating the consensus of +1.9%, and is up four of the last five months. However, excluding transportation, new orders were flat coming in below the consensus of +0.6%. When you back out defense, orders increased 2.8%.
Capital Goods also increased, +6% to $83.1 billion for nondefense new orders. Overall however, business spending was a tad weak as nondefense capital goods orders excluding aircraft were down 0.1%.
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3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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