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Afternoon Note

Happy Independence Day

By Charles Payne, CEO & Principal Analyst
7/2/2020 2:23 PM

The major indices all in the green and Nasdaq remains the best performer up 1.17%, followed by the S&P 500 up .95% and the Dow up .88%, which has gained 4% since the June 26 low.

The nonfarm payroll reports topped estimates 1.3 million.  Cyclical stocks tend to outperform when hiring increases.  This can be seen today as Energy, Materials and Industrials lead. Of the 11 S&P sectors, only Real Estate is in the red.

S&P 500 Index

+1.08%

 

Communication Services (XLC)

+0.23%

 

Consumer Discretionary (XLY)

+1.00%

 

Consumer Staples (XLP)

+0.63%

 

Energy (XLE)

+1.46%

 

Financials (XLF)

+0.52%

 

Health Care (XLV)

+0.97%

 

Industrials (XLI)

+1.35%

 

Materials (XLB)

+1.52%

 

Real Estate (XLRE)

 

-0.03%

Technology (XLK)

+1.25%

 

Utilities (XLU)

+0.81%

 

Breadth is decidedly positive today as advancers far outpace decliner and new 52-week highs continue their march upward.

Issues:

NYSE

NASDAQ

Advancing

2,161

2,091

Declining

785

1,200

Issues at:

52 Week High

85

159

52 Week Low

3

10

Volume:

Advancing

1.90B

1.63B

Declining

546.63M

917.70M

 

Tesla has hit an all-time high today on the release of its Q2 deliveries.  Although the numbers of units sold were 90,650, they were 4.8% lower year over year. Nonetheless, in this Covid environment, that is a good numbers and investors are applauding and driving the stock up 8%.

On the economic front, the May Trade Balance report showed a steepening in the deficit to -$54.6 from a revised $49.8 billion from -$49.4 billion. Exports were -$6.6 billion and imports -$1.8 billion, and both declining in May.

New orders for manufactured goods rose 8.0% in May from April’s downwardly revised decline 13.5% from 13.0%. Economic activity from economies opening after the Covid-19 shutdown lead to new order activity.

We wish everyone a wonderful and safe holiday weekend.  The markets are closed tomorrow. Happy Independence Day America.  G-d bless.

 


Comments
Thank you Charles. Good health and fortune to you and yours!

Jay Bodner on 7/4/2020 9:25:29 AM
Thank you so much Jay and Happy 4th of July.  CP

Charles Payne on 7/4/2020 9:42:17 AM
New York’s Cop Out
The city cuts the police budget by $1 billion amid rising shootings and murder

.........when you chase people/money/safety out of the city it creates a hell hole/fear......when major cities controlled by liberals continue this practice.....in time the core of the country collapses... to the point where liberals take perpetual control.......without economic exchange between cities and country .....they have created cities of 'dependents' .. which in time spreads throughout the country....creating a country of 'dependents'..... an escalating division .......a country of 'dependent majority'

prettydirect on 7/4/2020 10:08:20 AM
 

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