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Afternoon Note

Strong Day

By Charles Payne, CEO & Principal Analyst
5/28/2020 2:00 PM

I have to say considering the first two sessions of the week this has been a strong day.  Tech headed south early and for a momentum it felt like we were in for a repeat with NASDAQ sinking like a rock.

But tech turned up late in the session and the NASDAQ composite is trading higher.  Today there is less drama as early selling was short-lived and now the NASDAQ is the best performing large equity index.

       S&P 500 Index

       +0.60%    

 

Communication Services XLC

       +0.02%

 

Consumer Discretionary XLY

       +0.29%

 

Consumer Staples XLP

       +1.20%

 

Energy XLE

 

      -1.10%

Financials XLF

 

    -0.96%

Health Care XLV

        +1.82%

 

Industrials XLI

        +0.15%

 

Materials XLB

        +1.16%

 

Real Estate XLRE

        +0.09%

 

Technology XLK

        +0.90%

 

Utilities XLU

       +2.54%

 
 

No negative rates ahead

At an online event, New York Federal Reserve Bank President John Williams said the central bank has “more powerful” tools than negative interest rates. “I don’t think negative rates is something that makes sense given the situation we’re in because we have these other tools that can be used.”

Another member from the Fed will be speaking today. Philadelphia Fed President Patrick Harker is scheduled to make remarks at 3 p.m. ET.

 


Comments
Thank you, appreciate your information.

HARRY C HUBBARD on 5/29/2020 9:46:04 AM
Thank you so much Harry...really appreciateáthat.á CP

Charles Payne on 5/29/2020 9:50:38 AM
 

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