Morning Commentary
All eyes were on the S&P 500 yesterday, as it closed at an historic high, breaking through the previous high of 2940. The Nasdaq also closed at a record high, and it has fared the best so far this year. All the major indices have had stellar performances year to date.
S&P 500 Index
Communication Services (XLC) |
+1.34% |
Consumer Discretionary (XLY) |
+1.20% |
Consumer Staples (XLP) |
-0.32% |
Energy (XLE) |
-0.16% |
Financials (XLF) |
+0.62% |
Health Care (XLV) |
+1.58% |
Industrials (XLI) |
+0.87% |
Materials (XLB) |
+0.45% |
Real Estate (XLRE) |
+1.14% |
Technology (XLK) |
+1.09% |
Utilities (XLU) |
+0.28% |
Earnings continues to buoy the markets higher, and it appears to be the case again this morning as several big names have reported. Results are mixed, and as I have said, it’s worrisome that revenues are falling short, while EPS continues to rock.
Bidding War
Perhaps, the news of the morning is Occidental Petroleum’s (OXY) bid to acquire Anadarko Petroleum (APC) for $76/share, in a 50-50 cash and stock deal ($38 is in cash and 0.6094 shares of OXY). This offer is a 20% premium to Chevron's (CVX) previous bid.
Portfolio Approach
Communication Services 1 |
Consumer Discretionary 4 |
Consumer Staples 1 |
Energy 1 |
Financials 1 |
Healthcare 1 |
Industrial 3 |
Materials 3 |
Real Estate 0 |
Technology 2 |
Utilities 0 |
Cash 3 |
The major indices are now indicating a slightly positive open. Let’s see if we can get follow through on yesterday’s performance.
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4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
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 |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
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