Afternoon Note
It’s a mixed market today, with the indices in and out of positive territory. In Beirut, Lebanon, there was a massive explosion which has caused massive destruction, killed at least 10 and has wounded hundreds. It is still unclear the cause. So far, the market has not been impacted, but is still well off the highs.
Many of the big momentum Technology names are giving up some ground today, with Alphabet (GOOG/L), Facebook (FB), and Microsoft (MSFT) lower. Apple (AAPL) is bucking the trend and is continuing its ascent, up another 1%, and Amazon (AMZN) and Netflix (NFLX) are also higher.
The S&P 500 remains above the flat line, with 8 of the 11 sectors in positive territory. Energy is back in vogue today as is much of the safety trade.
S&P 500 Index |
+0.08% |
|
Communication Services (XLC) |
+0.27% |
|
Consumer Discretionary (XLY) |
+0.24% |
|
Consumer Staples (XLP) |
+0.86% |
|
Energy (XLE) |
+2.03% |
|
Financials (XLF) |
-0.64% |
|
Health Care (XLV) |
-0.54% |
|
Industrials (XLI) |
+0.07% |
|
Materials (XLB) |
+1.14% |
|
Real Estate (XLRE) |
+1.23% |
|
Technology (XLK) |
-0.12% |
|
Utilities (XLU) |
+0.81 |
Breadth is positive and up volume outpaces down, especially on the Nasdaq by almost 2-1.
Issues: |
NYSE |
NASDAQ |
Advancing |
1,748 |
1,751 |
Declining |
1,217 |
1,515 |
Issues at: |
||
52 Week High |
85 |
171 |
52 Week Low |
9 |
16 |
Volume: |
||
Advancing |
1.41B |
1.52B |
Declining |
935.18M |
787.11M |
Factory orders beat expectations and rose in June to 6.2% from a downwardly revised 7.7% increase in May. The past two month’s rise come on the heels of April’s 13.5% decline. Business spending continues to increase and new orders for nondefense capital goods ex aircraft rose 3.3%.
Treasuries yields are continuing to decline with the benchmark 10-year U.S Treasury trading at 0.51%, down 5 basis points, and nearing its record low of .50%. Investors continue to worry about Covid 19, overall economic growth, the failure of Congress to pass another relief package.
Tweet |
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3/22/2024 12:56 PM | Toll on Americans |
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3/20/2024 10:00 AM | HERE COMES THE FED |
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3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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