Afternoon Note
The Census Bureau reported that the trade deficit widened to $50.1 billion in July from a revised $45.7 billion (from $46.3 billion). This was the largest increase in the monthly trade deficit since 2015 as U.S. exports fell. The deficit with China rose $1.7 billion to $34.1 billion while the deficit with the European Union increased by $1.7 billion to $14.5 billion. The deficit with Japan however decreased by $0.7 billion to $4.9 billion.
Social media company executives from Twitter (TWTR) and Facebook (FB) testified at a hearing of the Senate Intelligence Committee. Lawmakers are said to be weighing various ideas on how to regulate big technology social media. Alphabet (GOOG) executives failed to show up at the hearing. Both executives are now headed to meet with the House. The stocks of all three companies were trading lower during the hearing, TWTR was down the most, 5%. Other internet stocks such as Overstock.com (OSTK) and Mercadolibre (MELI) were also trading lower, 7% and 4.65%, respectively.
High-flying cloud software stocks ran into profit taking today: ETSY -6%, TWLO -6.4%, BOX -5%, SPLK -4.6% and SMAR -5.0%. Advanced Micro Devices (AMD +3%) was one stock bucking the trend in a down technology tape. On the lows, the Nasdaq was down close to 1.5%, but it has since rallied to down 0.90%. The Dow is in positive territory, trading higher by 35 points, up 0.15%.
Recreational vehicle stock Polaris (PII) received a boost after the company announced a redesigned Chieftain motorcycle lineup. The Indian Chief Vintage can be had for a mere $19,999. Investors cheered the news by bidding up the stock by over 5.5%.
Breadth:
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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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