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Afternoon Note

Bulls Back

By Charles Payne, CEO & Principal Analyst
9/14/2020 1:44 PM

It's been a nice day for the bulls all around, helped in part by M&A activity and news of a Covid-19 vaccine potentially available in October.  After being hit hard the past few session, Communication Services and Technology stocks are back in vogue. 

The Nasdaq is outperforming up almost 2%, followed by the S&P 500, +1.4, and the Dow +1.3%.  The Dow has given up some ground though as Apple (AAPL) pulled back from its session high.  Tomorrow Apple is hosting its New Product Special Event 2020 at his NY headquarters. 

All 11 S&P sectors are in the green with Real Estate and Financials leading the way higher. Energy is up today despite WTI crude continuing its decline.  OPEC reduces its global demand forecast for the current year as well as its outlook for 2021.  to decrease in value after OPEC reduced its global demand forecast for this year and its outlook for 2021.

S&P 500 Index

+1.41%

Communication Services (XLC)

+1.10%

Consumer Discretionary (XLY)

+1.20%

Consumer Staples (XLP)

+1.05%

Energy (XLE)

+1.38%

Financials (XLF)

+2.19%

Health Care (XLV)

+1.82%

Industrials (XLI)

+1.48%

Materials (XLB)

+1.49%

Real Estate (XLRE)

+2.59%

Technology (XLK)

+1.99%

Utilities (XLU)

+1.57%

 
Breadth, new 52-week highs and advancers are all positive.
 

Issues:

NYSE

NASDAQ

Advancing

2,525

2,694

Declining

481

686

Issues at:

52 Week High

56

47

52 Week Low

9

17

Volume:

Advancing

1.57B

1.75B

Declining

281.81M

288.08M

The benchmark U.S. Treasury is relatively flat today, at 0.66%.  The greenback is losing ground down 0.3% to 93.01.
 


 

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