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Afternoon Note

Solid Bounce

By Charles Payne, CEO & Principal Analyst
9/4/2019 2:04 PM

The major indices continue to climb as tensions in the U.K and Hong Kong ease. In addition, the market got a boost from New York Fed John Williams saying that the central bank will act as appropriate to sustain the current market economic expansion. The U.S. yield curve reversed with the 2-yr yield currently at 1.44%, while the 10-year yield hit 1.46%.

A few high-end retail stocks, which were rattled by large protest in Hong Kong, are gaining today. PVH (PVH) is leading the sector, rallying more than 8%.

Ten of the 11 S&P 500 are higher, with Real Estate, Consumer Staples and Utilities hitting an all-time high.

S&P 500 Index

+0.94%

 

Communication Services (XLC)

 +1.59%

  

Consumer Discretionary (XLY)

 +0.77%

 

Consumer Staples (XLP)

 +0.59%

 

Energy (XLE)

 +1.57%

 

Financials (XLF)

+0.81% 

 

Health Care (XLV)

  

-0.60%  

Industrials (XLI)

+1.23% 

 

Materials (XLB)

+0.92% 

 

Real Estate (XLRE)

+0.75%

 

Technology (XLK)

+1.37% 

  

Utilities (XLU)

+0.10%

  
 
On the economic front, the U.S. trade deficit fell nearly 3% to $54 billion in July on rising exports. In addition, all eyes are on The Fed’s Beige Book at 2 p.m. that will underscore the business conditions in the central bank’s districts.
 

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