Afternoon Note
The market continues to meander after climbing off the session lows when Larry Kudlow gave positive comments on the trade talks. He also reminded everyone that the recent weakness in manufacturing includes the grounding of the Boeing 737 Max and a three-week strike at General Motors (GM). It’s interesting the market didn’t rally more on Kudlow’s comments, which underscores the level of angst over this trade issue that Wall Street wants to see resolved.
Communication Services stocks act strongly, even Netflix (NFLX), which caught a downgrade at Evercore with a new share price target of $300 from $380. Oil is bouncing after China pulled out of a $5.0 billion gas deal in Iran, coupled with other moves, which means fewer buyers for the sanctioned oil.
S&P 500 Index |
+0.05% |
|
Communication Services (XLC) |
+0.45% |
|
Consumer Discretionary (XLY) |
-0.13% |
|
Consumer Staples (XLP) |
-0.27% |
|
Energy (XLE) |
+0.14% |
|
Financials (XLF) |
-0.04% |
|
Health Care (XLV) |
+0.17% |
|
Industrials (XLI) |
-0.04% |
|
Materials (XLB) |
+0.48% |
|
Real Estate (XLRE) |
+0.20% |
|
Technology (XLK) |
+0.12% |
|
Utilities (XLU) |
-0.17% |
There is a ton of anxiety for sure, which could manifest in a monster move higher or lower. I still think the resolve seen since late August speaks to the billions of dollars looking to pour into the equities market.
The Dow and S&P have turned negative.
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