Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Shifting

By Charles Payne, CEO & Principal Analyst
7/17/2020 1:41 PM

The three major indices were shifting between small gains and losses after Netflix (NFLX) fell more than 7% on earnings and Consumer Sentiment came at 73.2, below consensus of 78.1, and just 1.4% higher the low from April.   Renewed concerns from the spike in Covid-19 cases and states rolling back reopening and restrictions has caused renewed concern. Another aggressive fiscal response is urgently needed.  Without action, another plunge in confidence and a longer recession is likely to occur. 

For the week, the Dow Jones is on track to gain near 2.25% and the S&P 500 near 0.9%, while the Nasdaq is likely to end near 1.7% lower as the big momentum and growth names take a breather.  Utilities are the best performers today as investors get more defensive, with the top gainers Centrais Eletricas Brasileiras S.A. - Eletrobras (EBR) up 10%, and TerraForm Power, Inc. (TERPM) up 3%.

S&P 500 Index

+0.19%

 

Communication Services (XLC)

 

-0.70%

Consumer Discretionary (XLY)

 

-0.62%

Consumer Staples (XLP)

+0.54%

 

Energy (XLE)

 

-0.81%

Financials (XLF)

 

-0.33%

Health Care (XLV)

+1.36%

 

Industrials (XLI)

+0.59%

 

Materials (XLB)

+0.82%

 

Real Estate (XLRE)

+1.19%

 

Technology (XLK)

+0.42%

 

Utilities (XLU)

+1.77%

 

Advancers are outpacing decliners and 52-week highs are still the leading the way.

Issues:

NYSE

NASDAQ

Advancing

1,718

2,091

Declining

1,204

1,162

Issues at:

52 Week High

65

99

52 Week Low

0

11

Volume:

Advancing

789.97M

1.62B

Declining

1.04B

718.00M

 
Have a great weekend.  Be safe and stay well.

Comments
Charles, I invested $28k into deac which turn into dkng. My gross value is now over $70k not bad in these times if u are a small investor. My last buy was inmd at $32 & sold at $54. obviously I do a lot of homework. ur show is my favorite. ur the best on TV. Mike

michael guggino on 7/18/2020 2:07:18 PM
why would the left be burning down the house if they thought they were going to win the election?

you only burn the house down if you think the opposition is going to win... so when the opposition wins they have no house after their victory.

prettydirect on 7/19/2020 9:16:37 AM
 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.