Afternoon Note
It’s been a very interesting session, the kind of tug of war that tells us a lot about the market rally.
The Dow Jones Industrial average squandered a 200-point rally, but it stopped short of slipping into the red when it was up only 4 points. The only disaster in the index is Walgreens, otherwise, most of the names are higher or fractionally lower.
The S&P 500 is mixed, but the message is clear, as safe haven sectors like Utilities, Real Estate and Consumer Staples are lower and healthcare is rebounding after spending the week under pressure from Medicare from all movement on Capitol Hill.
The most intriguing action is in Consumer Discretionary, where a major shakeup at the Gap (GPS) is helping that stock have a monster session. Meanwhile, L Brands (LB) and Footlocker (FL) are rocking after posting financial results.
S&P 500 Index |
+0.22% |
Communication Services (XLC) |
+0.33% |
Consumer Discretionary (XLY) |
+0.39% |
Consumer Staples (XLP) |
-0.51% |
Energy (XLE) |
+0.87% |
Financials (XLF) |
+0.47% |
Health Care (XLV) |
+0.92% |
Industrials (XLI) |
-0.30% |
Materials (XLB) |
-0.27% |
Real Estate (XLRE) |
-1.25% |
Technology (XLK) |
+0.13% |
Utilities (XLU) |
-0.53% |
ISM Miss
Despite the resolve, it continues to be clear the market needs a catalyst. To be honest, I’m not even sure why the market opened so strong in the first place. But that ISM manufacturing miss certainly took some starch out of the rally effort.
The Dow Jones Industrial Average needs to close above 26,191, that’s the last hurdle.
Have a great weekend..
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4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
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4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
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4/11/2024 1:38 PM | No Urgency |
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4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
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