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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



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)


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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