Afternoon Note
Energy is the best performing sector today, buoyed by a greater than expected inventory draw down. The 4.9% decline in inventories was greater than expected and is helping West Texas Intermediate rally higher. Investors have been wanting to get into the energy sectors all year long, so it’s the best performer today.
I think early buying, while infectious enough to spark additional buying, didn’t seduce as many buyers as it would have if the ADP jobs report wasn’t a dud.
Symbol |
Select Sector SPDR Fund |
Last |
Change |
% Change |
---|---|---|---|---|
XLC |
Communication Services |
52.30 |
+0.34 |
+0.64 |
XLY |
Consumer Discretionary |
120.99 |
+0.77 |
+0.64 |
XLP |
Consumer Staples |
62.33 |
+0.29 |
+0.47 |
XLE |
Energy |
58.95 |
+0.94 |
+1.62 |
XLF |
Financials |
29.86 |
+0.32 |
+1.08 |
XLV |
Health Care |
99.62 |
+0.79 |
+0.80 |
XLI |
Industrials |
80.53 |
+0.72 |
+0.90 |
XLB |
Materials |
59.55 |
+0.49 |
+0.83 |
XLRE |
Real Estate |
38.34 |
+0.09 |
+0.24 |
XLK |
Technology |
86.54 |
+0.41 |
+0.48 |
XLU |
Utilities |
63.17 |
+0.36 |
+0.57 |
The most intriguing action continues to be in beaten down retailers. L Brands (LB) has become a juggernaut while Tapestry (TPR) and Ralph Lauren (RL) also act great.
Let’s not force the issue this afternoon.
Tweet |
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