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Afternoon Note

Moody Monday

By Charles Payne, CEO & Principal Analyst
4/8/2019 1:33 PM

The pressure on Boeing (BA) and General Electric (GE) is holding down the Dow Jones Industrial Average. Fear that the 737 MAX could be grounded longer than expected has caused a negative downturn in Boeing (BA). General Electric (GE) was downgraded this morning, the stock is now down 8%.

The Dow has eased lower slightly by 0.4%, while the S&P 500 and Nasdaq trimmed off 0.2% and 0.1%, respectively. 

Factory Orders

On the economic front, factory orders declined 0.5%, with the street looking for -0.4%. Factory orders rose 2.4% compared to February 2018.

Energy is outperforming today’s session. Energy stocks are rallying for the third consecutive trading session with oil hitting a new five-month high. The latest boost was due to the escalation of fighting in OPEC producer Libya; which is threatening further supply production. The signs of tensions easing between the U.S. and China also provided support to the rise in oil prices.

S&P 500 Index

+0.18%

Communication Services (XLC)

-0.27%

Consumer Discretionary (XLY)

+0.01%

Consumer Staples (XLP)

+0.25%

Energy (XLE)

+0.41%

Financials (XLF)

-0.23%

Health Care (XLV)

-0.34%

Industrials (XLI)

-0.93%

Materials (XLB)

-0.14%

Real Estate (XLRE)

-0.62%

Technology (XLK)

+0.01%

Utilities (XLU)

-0.76%

 

 

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