Charles Payne's Market Commentary

Afternoon Note

Strong Numbers

By Charles Payne, CEO & Principal Analyst
6/26/2019 1:44 PM

It’s the tale of two sectors today. Energy and technology are leading the way, as the markets are still very much in wait and see mode.

S&P 500 Index	+0.20%
Communication Services (XLC)		-0.16%
Consumer Discretionary (XLY)	+0.60%
Consumer Staples (XLP)		-1.14%
Energy (XLE)	+1.93%
Financials (XLF)	+0.39%
Health Care (XLV)		-1.18%
Industrials (XLI)	+0.30%
Materials (XLB)		-0.14%
Real Estate (XLRE)		-1.36%
Technology (XLK)	+1.57%
Utilities (XLU)		-1.39%

Energy is the best performer; West Texas Intermediate has been up two dollars for most of the session. Crude oil inventories posted a surprising decline of 12 million barrels, impacting crude almost as much as potential military conflict with Iran. This once again underscores the importance of the United States not just as a producer but also as consumer demand.

The tech sector powered by the semiconductors and the stock of the day: Micron (MU). It’s not just that the company posted strong numbers, but the fact they allowed loopholes with Huawei is further evidence the administration is signaling a willingness to get a deal down with China. Semiconductors are powering higher on these developments.

Semiconductor Indices
SOXX	SMH
QCOM 10.4%	INTC 12.2%
TXN 8.2%	TSM 9.7%
AVGO 7.6%	QCOM 6.3%
NVDA 7.3%	TXN 6.1%
INTC 6.9%	ASML 5.4%
AMD 4.8%	NVDA 5.0%
AMAT 4.1%	AVGO 4.8%
LRCX 4.0%	AMD 4.7%
NXPI 4.0%	LRCX 4.5%

But the main chip ETFs are still well below recent highs.

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