Afternoon Note
The markets started the day strong and was looking to break out. Then, comments from Dr. Anthony Fauci about the virus coming back in the fall took some air out of the market. Selling in FAANG and e weak economic data added to the sell off.
The Consumer Confidence Index dropped to 86.9 in April, down from a revised 118.8 in March, and slightly lower than expected. Americans' confidence in the economy in April had the largest plunge since 1973 and was the lowest level since 2014 due to the coronavirus. Consumers are worried about their financial prospects and potential future spending. However, many respondents are also feeling the worst might be behind them as seen in the expectations for the next months.
Comments from respondents:
At midday, the Dow is hanging on to slight gains, while the S&P 500 and Nasdaq are lower. However, it’s a bit misleading, as all but 3 sectors on the S&P are in the green as rotation continues.
+1.39% |
||
Communication Services (XLC) |
-1.12% |
|
Consumer Discretionary (XLY) |
+0.40% |
|
Consumer Staples (XLP) |
+0.29% |
|
Energy (XLE) |
+1.58% |
|
Financials (XLF) |
+1.48% |
|
Health Care (XLV) |
|
-1.75% |
Industrials (XLI) |
+1.49% |
|
Materials (XLB) |
+1.27% |
|
Real Estate (XLRE) |
+0.94% |
|
Technology (XLK) |
|
-0.08% |
Utilities (XLU) |
+0.07% |
Breadth continues to be positive and 52-week highs far outpace 52 week lows.
Issues: |
NYSE |
NASDAQ |
Advancing |
2,082 |
1,789 |
Declining |
829 |
1,374 |
52 Week High |
29 |
45 |
52 Week Low |
3 |
6 |
Comments |
Have to wonder whose side Dr. Fauci is on. If the Deep State can keep the fear mongering going until election time, they figure they have a good chance to take out Pres. Trump. Let’s prove them wrong. Ann de Avila on 4/28/2020 2:00:15 PM |
Tweet |
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