Wall Street Strategies
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Afternoon Note


By Charles Payne, CEO & Principal Analyst
2/5/2020 2:09 PM

The markets are in rally mode again today led by Energy, which has taken a beating of late on worries that the coronavirus will slow global demand.  A report out from the World Health Organization (WHO) stating that there have been more new cases of the coronavirus in the last 24 hours since the outbreak began spooked the equity markets.  However, it didn’t last long, as investors were encouraged by news that researchers in China and the UK are possibly closer to developing a vaccine (energy traders were also encouraged, and oil is up 4%).  Health Care is the second highest gainer today.

Technology is a laggard.  And those following the gyration in Telsa (TSLA) are probably spinning. The stock is down about 15% today after Musk said that some Model 3 sales in China will be delayed due to coronavirus.  But, let’s keep things in perspective.  The stock is up about 75% since the beginning of the year.  Nonetheless, TSLA is a drag on the Nasdaq.

S&P 500 Index



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)



Utilities (XLU)



The advancers and stocks making new highs are clear cut winners today.










52 Week High



52 Week Low




On the economic front, The ISM Non-Manufacturing Index for January was a read of 55.5%, the fastest pace of expansion since August 2019, compared to a downwardly revised 54.9%in December. This marks the second straight month of accelerating activity in the services sector.

Also released today, the goods and services deficit for December rose to $48.9 billion, up $5.2 billion from November's $43.7 billion. December exports were $209.6 billion, up $1.6 billion from November. December imports increased $6.8 billion from November to $258.5 billion.  The goods deficit with China declined by $73.9 billion in 2019 to $345.6 billion, as tariffs led to a $13.5 billion decline in exports and an $87.4 billion reduction in imports.


Saw you on FOX and hope you keep up the good work. Job well done, my friend.

William Brown on 2/5/2020 2:36:55 PM

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