Charles Payne's Market Commentary

Market Commentary

Dual Message

By Charles Payne, CEO & Principal Analyst
4/6/2020 12:54 PM

The market is sending a dual message here, as the best performing sector, Utilities, suggest caution. The best percentage point gainers suggest throwing caution to the wind. It looks like a search for value in Materials, and Energy is intriguing, considering crude oil is down six percent.

S&P 500 Index	+4.99%
Communication Services (XLC)	+4.61%
Consumer Discretionary (XLY)	+6.31%
Consumer Staples (XLP)	+2.75%
Energy (XLE)	+3.99%
Financials (XLF)	+5.12%
Health Care (XLV)	+3.45%
Industrials (XLI)	+5.48%
Materials (XLB)	+7.02%
Real Estate (XLRE)	+6.52%
Technology (XLK)	+5.74%
Utilities (XLU)	+7.49%

Investors are driving up shares in companies that were in trouble before the coronavirus crisis (Capri and Kohls). Maybe, the Saudi Wealth Fund is looking at these, and like true long-term investors, announced it has accumulated an 8.2% passive stake in Carnival.

Capri Holdings	+2.07	+24.27%
Carnival	+1.87	+22.03%
PVH	+6.63	+21.39%
Kohl's	+2.39	+20.72%
ULTA Beauty Inc.	+27.46	+17.52%
Nordstrom’s	+2.16	+16.55%
Lennar Corp.	+5.24	+15.69%
Royal Caribbean Cruises	+3.81	+15.62%
Marriott International	+9.14	+15.47%
Darden Restaurants	+6.96	+15.29%

Overall, this has been a fantastic way to start the week. The market is up on better news in our fight against the coronavirus.

Comments

Trump put words to our worst fears last week and it actually had a calming affect. Now news is bubbling up in Europe and NJ that numbers have started to decline. I think it's a good time head em' up and move em' out! RAWHIDE!!

Lew on 4/6/2020 3:02:19 PM

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