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Afternoon Note

Rough Session

By Charles Payne, CEO & Principal Analyst
10/2/2019 1:21 PM

It’s been a rough session thus far with the major indices down close to 2%. 

The Dow transports are really taking it on the chin, down about 2.7%, and have had the largest two-day decline in a year, off 5.05% or 515 points.  Airline stocks (big names down over 6%) are the major contributors to the sell-off in the transports.  Delta (DAL) raised its Full Year 2019 cost outlook from +1 to +2, and the stock is 7%. 

Energy is also down over 2% after the latest EIA report showed a larger than expected build.

All eleven sectors are in the red, with the Industrials, Materials, and Technology the hardest hit.  There are simply no safe havens sectors today.

S&P 500 Index

 

-2.17 %

Communication Services (XLC)

 

-1.75 %

Consumer Discretionary (XLY)

                                                

-1.96 %

Consumer Staples (XLP)

 

-2.00%

Energy (XLE)

 

-2.16 %

Financials (XLF)

 

-1.93 %

Health Care (XLV)

 

-1.54 % 

Industrials (XLI)

 

-2.29%

Materials (XLB)

 

-2.27 %

Real Estate (XLRE)

 

-0.77%

Technology (XLK)

 

-2.26%

Utilities (XLU)

 

-1.18%

 
 

 

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