Afternoon Note
The market is kind of meandering, which isn’t a surprise considering the typical anxiety, as well as the difficulty of making new all-time highs after the markets pulling back for a few months. That said, the fundamental argument for a higher market got even better. Earnings from big names have been very impressive and consumers continue to power this economy higher.
Consumer Confidence
The Conference Board Consumer Confidence number came in below consensus, but the internal elements of the report augur for continued consumer strength.
Consumer Confidence |
Oct |
Sep |
Business conditions “good” |
39.2 |
37.4 |
Business conditions “bad” |
11.2 |
12.2 |
Jobs plentiful |
46.9 |
44.5 |
This led to the report saying: Confidence levels remain high and there are no indications that consumers will curtail their holiday spending.”
S&P 500 Index |
+0.09% |
|
Communication Services (XLC) |
-0.83% |
|
Consumer Discretionary (XLY) |
-0.23% |
|
Consumer Staples (XLP) |
+0.30% |
|
Energy (XLE) |
+0.33% |
|
Financials (XLF) |
+0.56% |
|
Health Care (XLV) |
+1.30% |
|
Industrials (XLI) |
+0.36% |
|
Materials (XLB) |
+0.54% |
|
Real Estate (XLRE) |
+0.67% |
|
Technology (XLK) |
-0.58% |
|
Utilities (XLU) |
-0.16% |
The stock of the day is Boeing (BA), which has been higher for most of the session, but it almost moved into the red after blistering back to back comments from Senators Duckworth and Cruz. Seems like Wall Street is trying to position for the return of the 737 Max.
Comments |
737 Max must be overhauled to be a safe. Plane if not & Congress says “ improve 737 Max” live or die Ramon Espinosa on 10/29/2019 1:33:46 PM |
I like Charles and his analysis is almost always insightful and on target. Linda S Brzozowski on 10/29/2019 1:52:34 PM |
Tweet |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
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