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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



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)



Utilities (XLU)



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



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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