Afternoon Note
The markets took a step back on the Non-Farm payroll numbers, which we all knew would be high. As of the March report, the unemployment rate stands at 4.4% compared to 3.5% in February. The real unemployment, or U6, which considers unemployed and under employed, was 8.7% from 7% in February. People who have been unemployed for 27 weeks or more represented 15.9% of the unemployed compared to 19.2% in February. Hourly wages were up however 0.4% in March after rising 0.2% in February, yet, the average work week declined to 34.2 hours. While the report was rough, unfortunately, it doesn’t include those people that filed for initial claims this week.
The ISM Non-Manufacturing report was also released this morning. March was 52.5%, down from 57.3% in February. Below 50 is an indication of contraction. Supplier Deliveries Index was 62.1%, up from 52.4% and helped boost the overall report. However according to Anthony Nieves, Chair of the Institute for Supply Management® (ISM®) Non-Manufacturing Business Survey Committee, the high percentage-point increase in March — the largest monthly change since an 18.5-point decrease in September 1997 — was primarily a product of supply problems related to the coronavirus (COVID-19).”
At midday, decliners are leading advancers about 7 to 1 on the NYSE, and approximately 5 to 1 on the Nasdaq.
Issues: |
NYSE |
NASDAQ |
Advancing |
406 |
669 |
Declining |
2,561 |
2,466 |
52 Week High |
2 |
4 |
52 Week Low |
144 |
139 |
Advancing |
603.22M |
487.96M |
Declining |
2.26B |
1.24B |
All eleven S&P 500 sectors are down, with Utilities being the hardest hit.
S&P 500 Index |
-2.10% |
Communication Services (XLC) |
-2.12% |
Consumer Discretionary (XLY) |
-2.32% |
Consumer Staples (XLP) |
-0.04% |
Energy (XLE) |
-2.24% |
Financials (XLF) |
-2.20% |
Health Care (XLV) |
-1.16% |
Industrials (XLI) |
-1.77% |
Materials (XLB) |
-1.44% |
Real Estate (XLRE) |
1.86% |
Technology (XLK) |
-1.76% |
Utilities (XLU) |
-3.13% |
All in all, this is a good session all things considered, but key will be last hour and last 15 minutes of trading. Have a safe and restful weekend.
Tweet |
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3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
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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 |
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3/15/2024 9:33 AM | AN UNEASY PAUSE |
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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 |
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