The market has been higher all session long but ebbing and flowing. The latest news from the United Kingdom pressured our market early in the session, as another Brexit vote went down in flames. Some are saying hard Brexit is a done deal, but I’ll believe it when I see it.
Meanwhile, the hot IPO made its debut. Lyft is out the gate and galloping, although off the initial trade of $87.24. It's exciting stuff, but there are other messages in today’s session that should be noted.
For instance, Car Max (KMX) shares are surging on financial results. This underscores the idea that if Lyft and Uber are right, and we give up cars, it’s not happening anytime soon. Moreover, the moves in Avis Budget Group (CAR) +56% and Hertz (HTZ) +29% also suggest car rental companies can coexist with ride share (at least for now).
Another shot in the arm for the market came from the latest Michigan Consumer sentiment number. It came in better than expected, and it’s the highest read since October (when the Dow peaked), and it continues to rebound from the January low.
The March gain in the Sentiment Index was entirely due to households with incomes in the bottom two-thirds of the income distribution, posting a gain of +7.1 Index-points, while households with incomes in the top third fell by 1.1 Index-points.
Middle and lower income households more frequently reported income gains than last month, although income gains were still widespread among upper income households. Indeed, the last time a larger proportion of households reported income gains was in 1966.
On Cusp of Breaking Out
The S&P 500 cleared a key resistance point a couple weeks ago, and it’s held since. The Dow sees its big test beginning at 26,192 through 26,250.
Have a great weekend.
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