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Morning Commentary

Holding Up

By Charles Payne, CEO & Principal Analyst
4/9/2019 9:45 AM
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The market has been pretty good, holding up well, but largely on pause ahead earnings season. We get slew as the banking sector starts reporting this Friday.

NYSE

NASDAQ

NFIB Small Business Optimism Index

In economic data the NFIB Small Business Optimism Index increased 0.1 points to 101.8 in March. That’s a historical strong level, which shows that small businesses are helping to strengthen the economy; after the government shut down in January. The NFIB labor market indicators are at record levels and the index anticipates solid growth and no signs of a recession in the near term. 

“Small business owners continue to create jobs, expand their operations, and are enjoying strong sales,” said NFIB President and CEO Juanita Duggan. “Since Congress resolved the shutdown, uncertainty has declined as small business owners add jobs, increase sales, and invest in their businesses and employees.”

Portfolio Approach

We took profits in the model portfolio on one material position yesterday.  If you have any questions, be sure to reach out to your account representative or research@wstreet.com.  If you are not currently a subscriber to Hotline, click here to get started today.

Communication Services

Consumer Discretionary

Consumer Staples

1

4

1

Energy

Financials

Healthcare

1

1

2

Industrial

Materials

Real Estate

4

3

0

Technology

Utilities

Cash

2

0

2

 

The energy sector was a consistent leader throughout the day as WTI oil price broke out to five-month highs, to $64.40/bbl, supported by concern from the military conflict in Lybia.

The Technology ETF (XLK) soared yesterday, posting its first record close since early October. A group of software and chip companies hit an all-time high, as investors are growing more confident in the sector.

  S&P 500 Index

+0.11%

Communication Services (XLC)

-0.19%

Consumer Discretionary (XLY)

+0.36%

Consumer Staples (XLP)

+0.41%

Energy (XLE)

+0.44%

Financials (XLF)

+0.11%

Health Care (XLV)

-0.02%

Industrials (XLI)

-0.43%

Materials (XLB)

+0.03%

Real Estate (XLRE)

-0.49%

Technology (XLK)

+0.38%

Utilities (XLU)

-0.71%

Today’s Session

The futures are indicating a lower open as trade tensions between the U.S. and the European Union arise. President Trump tweeted the following:

Boeing (BA) is lower as it reports its aircraft deliver and order numbers for March later today.


 

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