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Afternoon Note

Consumer Confidence beats

By Charles Payne, CEO & Principal Analyst
8/27/2019 1:38 PM

Consumer Confidence came in better than consensus but pulled back from previous month. We pay close attention to this release as consumers make up approximately 70 percent of the U.S. GDP.

 “Consumers’ assessment of current conditions improved further, and the Present Situation Index is now at its highest level in nearly 19 years (Nov. 2000, 179.7). Expectations cooled moderately, but overall remain strong. While other parts of the economy may show some weakening, consumers have remained confident and willing to spend,” said Lynn Franco, Conference Board’s senior director.

Stocks erased early gains as the two- and ten-year yield inversion become more pronounced, while fears around the U.S.-China trade war increased after Hu Xinjin, editor-in-chief of the Global Times tweeted that “it’s more and more difficult for the US to press China to make concessions”.

Of all the S&P 500 sectors, Real Estate is best performer while Financials are lagging. Bank shares fell sharply, Bank of America (BAC) slid 1.6%, while Citigroup (C) dropped 2.2% and J.P. Morgan Chase dropped 1.5%

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)




Charles, thank you for being a voice of reason, and FACTS. Sadly the propaganda news has "RECESSION obsessions !" We listened to you on PLNT 4/17/17 @$18.72, sold it 5/16/19 @$80.72. Thank you Charles PAYNE. Are you looking at IPO "PTON" ? Always watching and listening. Congratulations Charles, on the sold out 1st printing, and cheers, to the second printing being sold out, by September 20th 2019!. FED just needs fix THEIR mistakes, & Lower our interest rates. Let president Trump have the room to FINISH more trade DEALS, & USMCA can finally be passed, in President Trump's second 4 more years. Imagine Ivanka TRUMP & Candace OWENS 2024? Really sounds good too. Life is great INVEST long.

Ed on 8/27/2019 6:41:47 PM
Thanks Dan I haven't looked at PTON yet but will. Thanks for the kind words and yes there should be time for President Trump to achieve things others avoided far too long. CP

Charles Payne on 8/27/2019 6:46:32 PM

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