Morning Commentary
Yesterday was another strong session for the stock market, which continues to underscore one of the oldest axioms on Wall Street: success begets success. (I think it applies to all facets of life, not just the stock market.) It’s working even more this year, because so many brilliant professional investors missed the rally and must play catch-up.
There is a good shot to see the S&P 500 eclipse the 2013 29.6% gain; perhaps, the 31.0% gain in 1997 is a bridge too far.
The Message of the Market
There were balanced gains across most sectors with Netflix (NFLX) sparking Communication Services.
Symbol |
Sector |
Last |
Change |
% Change |
---|---|---|---|---|
XLC |
Communication Services |
53.88 |
+0.49 |
+0.92 |
XLY |
Consumer Discretionary |
124.77 |
+0.39 |
+0.31 |
XLP |
Consumer Staples |
63.14 |
+0.34 |
+0.54 |
XLE |
Energy |
61.37 |
-0.02 |
-0.03 |
XLF |
Financials |
30.80 |
-0.01 |
-0.03 |
XLV |
Health Care |
102.40 |
+0.40 |
+0.39 |
XLI |
Industrials |
81.47 |
+0.22 |
+0.27 |
XLB |
Materials |
60.92 |
+0.21 |
+0.35 |
XLRE |
Real Estate |
38.36 |
+0.36 |
+0.95 |
XLK |
Technology |
90.72 |
+0.65 |
+0.72 |
XLU |
Utilities |
64.65 |
+0.02 |
+0.03 |
Biggest Winners
Portfolio Approach
Today’s Session
The markets are set for another higher open. The latest third quarter GDP estimates were in line. Real GDP was up 2.1% and the GDP Price Deflator rose 1.88%. There was nothing unexpected in the report, and GDP is in a Goldilocks place. Personal consumption continues to rise, up to 3.2% from the second quarter estimate of 2.9%.
At 10 am ET, we will get a read on the health of the U.S. consumer with personal income and spending.
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4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
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 |
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