Charles Payne's Market Commentary

Afternoon Note

Awaiting the Summit

By Charles Payne, CEO & Principal Analyst
6/11/2018 1:27 PM

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Despite the back and forth tweeting between President Trump and Canada’s Trudeau, the markets are all in the green and at their best levels in today’s session. Ten of the 11 S&P 500 sectors are in the green. Advancers led decliners 1631/1221 on the NYSE and 1584/1266 on the Nasdaq.

Once again, the XRT and retail stocks are higher by over 1% on the day and 8% monthly. Names like AutoZone, (AZO), Best Buy (BBY), Gap (GPS) and Target (TGT) are some of the retail standouts. Healthcare and Telecom are also leaders on the S&P. Reports that Stryker (SYK) is interesting in a takeover of Boston Scientific (BSX) has that stock up 3.7%.

All is calm ahead of the meeting with Trump and Kim in Singapore tomorrow that has all eyes glued on the summit. Oil was down earlier, but has reversed and is now positive, with WTI trading at $66.17%, up .43%. Iraq’s oil minister stated that producers should not be influenced by the pressure to increase their production. Drilling activity in the U.S. is at levels last seen in March 2015. Meanwhile, Russian output increased 11.5 million.

WTI

The U.S. 10 year is up to 2.966%.

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