Afternoon Note
Dow Jones Industrial Average component McDonalds (MCD) reported earnings that beat on the top and bottom lines. Global comparable sales were up 5.5% versus the 5.0% estimate. MCD is currently trading up over $7 points, 5%, and the Dow is now down after being up more than 187 points.
Merger and acquisition news this morning helped equity indices open higher. Since then, the Nasdaq, S&P 500 and Russell 2000 have given up their gains and are being led lower by the Nasdaq.
The markets started to roll over after the Chicago PMI numbers came out. April came in at 57.6, up from March’s reading of 57.4. A reading above 50 indicates expansion.
The New Orders reading hit a 15-month low and was slightly below the March reading. Prices Paid Index increased above 70 for the third time since 2012 and was the highest reading since May 2011 as input prices remain elevated. Some respondents mentioned uncertainty as a driver of higher input prices. Supplier delivery times lengthened due to difficulty in obtaining steel, according to numerous survey respondents.
Most of the firms surveyed were optimistic the impact from recent tariffs would be minimal. This month’s special question asked respondents to assess the impact of recently imposed tariffs on their business. Over 50% deemed the impact to be insignificant; less than a third said they foresaw a major impact and the remaining firms saw it as having no impact.
Tomorrow’s National ISM factory Index will give investors a better read on the U.S. economy versus the regional Chicago PMI.
Oil is higher off comments from Israeli Prime Minister Netanyahu’s of “significant development” regarding the Iran deal. Netanyahu has presented data that Iran has moved the production of its nuclear warheads to a secret location. These comments, not only lifted oil up, it took the major indices even lower.
Decliners outpace advancers 1604/1241 on the NYSE and 1607/992 on the Nasdaq. Consumer Discretionary and Energy are outperforming while Health Care, Materials and Telecom lag.
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3/22/2024 12:56 PM | Toll on Americans |
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3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
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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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