Afternoon Note
The main indexes are trading lower with no immediate catalysts. Federal Reserve Chair Jerome Power testified before the House Budget Committee for second day, noting that he doesn’t see any signs of recession, but cited trade uncertainties.
Other Fed speakers included:
Technology is underperforming today driven by shares of Cisco (CSCO) on disappointing guidance.
Real estate and Utilities are the best performing sectors in today’s session.
S&P 500 Index |
-0.08% |
|
Communication Services (XLC) |
+0.33% |
|
Consumer Discretionary (XLY) |
+0.29% |
|
Consumer Staples (XLP) |
-0.11% |
|
Energy (XLE) |
-0.31% |
|
Financials (XLF) |
-0.20% |
|
Health Care (XLV) |
-0.14% |
|
Industrials (XLI) |
+0.20% |
|
Materials (XLB) |
+0.38% |
|
Real Estate (XLRE) |
+0.55% |
|
Technology (XLK) |
|
-0.23% |
Utilities (XLU) |
+0.56% |
|
Oil erased all gains after the EIA report revealed that inventories rose for third consecutive week. Oil remains in rangebound between support in the low $50 and resistance in the low $60
On the economic front, initial claims rose to the highest level in nearly five months. Initial claims increased 14,000 to a seasonally adjusted 225,000 for the week. The four-week moving average of initial claims rose only 1,750 to 217,000 last week.
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3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
3/11/2024 1:41 PM | Sharpening Pencils |
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