Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Tech Domination

By Charles Payne, CEO & Principal Analyst
9/1/2020 2:14 PM

The market is getting pumped with Nasdaq leading. Apple (AAPL) and Zoom (ZM) sent the Nasdaq to record highs, while better-than-expected U.S. manufacturing sector data fueled optimism around the economy. The Dow gained 62 points, erasing a loss of more than 100 points from earlier in the session.

5 out of the 11 sectors on the S&P 500 are currently in green, with Technology as the big winner.  The traditional safe havens such as Real Estate and Utilities are lagging today.

S&P 500 Index

+0.40%

 

Communication Services (XLC)

+0.53%

 

Consumer Discretionary (XLY)

+0.74%

 

Consumer Staples (XLP)

 

-0.17%

Energy (XLE)

 

-1.01%

Financials (XLF)

 

-0.24%

Health Care (XLV)

 

-1.21%

Industrials (XLI)

+0.76%

 

Materials (XLB)

+1.46%

 

Real Estate (XLRE)

 

-0.14%

Technology (XLK)

+1.13%

 

Utilities (XLU)

 

-1.17%

The last couple of months there have been several manufacturing reports that indicated businesses were looking for a sharp rebound in six months. Today’s ISM Manufacturing data confirms this, showing the rebound is happening.

ISM Manufacturing

The ISM Manufacturing Index for August rose 56% from 54.2% in June, topping estimates for 54.5%.  Manufacturing is staging a comeback over the last two months from the contractions seen in March through April. The reading pointed to the biggest expansion in the manufacturing sector since November 2018.

 


Comments
Watched your program and your guest suggested RKT. I looked into it and bought 500 shares at $19.06 and 2 days later another 500 at $21.04. Today it is $30.63. Thank you and keep them coming. Reading your book.

Wallace Nelms on 9/1/2020 3:36:01 PM
 

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.