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Afternoon Note

Parking Profits

By Charles Payne, CEO & Principal Analyst
9/2/2020 2:06 PM

Equities are higher this afternoon, continuing a strong start to September. The Dow is up 1.05%, S&P 500 rose 1.06%, while the Nasdaq is flat.

Many of the Momo names gave up some ground today, with Zoom Technologies (ZM), Fastly (FSLY), Docusign Inc. (DOCU) lower. Another name lower is Tesla (TSLA). The stock traded as low as $405.12 after news that the largest outside shareholder, Baillie Gifford, reduced its position in the company. Baillie Gifford now owns less than 5% of Tesla (TSLA), down from 6.32%. Regardless. The selloff pared and is now $447.72.

Utilities are ripping today, after underperforming yesterday, as well as Consumer Staples. This is not good for the broad market. A sign of anxiety, as investors park profits from tech names.

S&P 500 Index

+0.73%

 

Communication Services (XLC)

+0.83%

 

Consumer Discretionary (XLY)

+1.05%

 

Consumer Staples (XLP)

+1.45%

 

Energy (XLE)

 

-0.22%

Financials (XLF)

+0.99%

 

Health Care (XLV)

+1.36%

 

Industrials (XLI)

+0.93%

 

Materials (XLB)

+0.83%

 

Real Estate (XLRE)

+1.44%

 

Technology (XLK)

+0.33%

 

Utilities (XLU)

+2.92%

 

 

Factory orders for July came at 6.4% beating expectations of 6%. June numbers were upwardly revised to 6.4% from 6.2%

Highlights


Comments
America Invests Together - Awesome Show!!

Allen Hockenbury on 9/2/2020 2:50:38 PM
Charles, I record your show everyday to watch later in the afternoon. Today the name of your program must have been changed! It didn't record:-( Do love you and your show. First saw you on TV in the 1990's. Keep up the good work.

Anita Ariail on 9/2/2020 5:08:23 PM
 

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