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Market Commentary

Well Off The Lows

By Charles Payne, CEO & Principal Analyst
9/4/2020 12:57 PM

While the markets are red across the board, they are well off the lows.  The Dow was down over 600 at one point.  The Nasdaq bounced off its 50-day moving average of 10,875 , and it may have come close enough to support of 10,851. 

Apple (AAPL) was down 8.3% at its low, and 19.6% from its high, when buyers emerged, and is currently down 0.80%.  Tesla (TSLA) was hit hard but has since turned around and is positive.

All the S&P500 sectors remain in the red.  FAANG as a whole, as well as the high growth, momentum names, especially in Communication Services and Technology have been hard hit but are attracting money off the sidelines.  

S&P 500 Index

-1.20%

Communication Services (XLC)

-2.96%

Consumer Discretionary (XLY)

-1.71%

Consumer Staples (XLP)

-1.26%

Energy (XLE)

-0.60%

Financials (XLF)

-0.14%

Health Care (XLV)

-1.53%

Industrials (XLI)

-0.44%

Materials (XLB)

-0.73%

Real Estate (XLRE)

-1.48%

Technology (XLK)

-2.74%

Utilities (XLU)

-1.41%

Breadth is decidedly negative.  Interestingly, stocks hitting new 52-week highs are outpacing new lows on the NYSE.

Issues:

NYSE

NASDAQ

Advancing

796

776

Declining

2,184

2,573

Issues at:

52 Week High

23

26

52 Week Low

19

83

Volume:

Advancing

777.83M

602.54M

Declining

1.46B

1.85B

 

The dollar is catching a bid today up 0.4%.  U.S. Treasuries are also climbing with the benchmark 10 year yield up to 0.67%.

The market is closed on Monday for Labor Day. Enjoy the holiday weekend, be safe, and God Bless America.


Comments
A continuing thank you Charles Payne. You are the best.

MARTIN WEBER on 9/4/2020 4:52:07 PM
 

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