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Afternoon Note

In and Out

By Charles Payne, CEO & Principal Analyst
9/22/2020 1:23 PM

Question of the Week

Do you think the Senate should vote on the next Supreme Court Justice before the election?

Post your answer below.

Stocks are trading mixed following yesterday’s steep sell-off. The market has struggled for direction, as the S&P fluctuates between gains and losses.  The Dow was 0.5% higher at the open before losing steam.  

Investors are digesting remarks from Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell. Mnuchin offered an upbeat view of the economic recovery, but he noted that a stimulus package might still be needed. We can’t agree more. Powell reiterated the central bank is ready to support the economy “for as long as it takes.”

Right now, the S&P 500 and Nasdaq are up 0.26% and 0.62%, respectively. The Dow is down 0.16%, as Goldman Sachs (GS) and JP Morgan (JPM) are falling more than 1%.

S&P 500 Index

+0.22%

 

Communication Services (XLC)

+1.23%

 

Consumer Discretionary (XLY)

+1.29%

 

Consumer Staples (XLP)

+0.78%

 

Energy (XLE)

 

-0.80%

Financials (XLF)

 

-1.59%

Health Care (XLV)

 

-0.52%

Industrials (XLI)

+0.40%

 

Materials (XLB)

 

-0.25%

Real Estate (XLRE)

+1.45%

 

Technology (XLK)

+0.45%

 

Utilities (XLU)

+0.57%

 

August Existing Home Sales

The housing market continues to deliver strong gains with existing sales jumping to the highest level since August 2006. Gains were in all regions, but the most compelling was in the Northeast, as lockdowns eased.

Region

July

August

Northeast

-5.9%

+5.7%

Midwest

+8.9%

+9.3%

South

+9.9%

+13%

West

+7.8%

+9.6%

The length a home sat on the market slipped to 22 days, tying a previous low. NAR’s chief economist, Lawrence Yun, said new construction needs to happen to avoid more supply constraints. "Housing demand is robust, but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities," said Yum. He added, "To assure broad gains in homeownership, more new homes need to be constructed."


Comments
The Senate should vote immediately.

Cj Corso on 9/22/2020 1:36:02 PM
Absolutely we need to vote on and appoint a Supreme Court judge before the election. It is one of the most important ways we can curb the trend the court system is taking away from the Constitution and the rule of law.

Cheryl L Schmidt on 9/22/2020 1:38:27 PM
ABSOLUTELY !!! To quote the illustrious 44th President:" John, we won the election." And at another time to Paul Ryan, "Elections have consequences." The Constitution is absolutely clear as to the responsibility to nominate and the term within which it exists. It's a slam dunk!

Bill Spahr on 9/22/2020 1:39:38 PM
YES

Michael S Dowd on 9/22/2020 1:40:05 PM
Absolutely. It the president’s duty under the constitution. Period.

Tom moss on 9/22/2020 1:57:32 PM
Hell yes!!!

Steve Accardi on 9/22/2020 2:02:30 PM
Yes - ASAP!

Teres Vining on 9/22/2020 2:04:33 PM
Yes, absolutely yes

John Mallory on 9/22/2020 2:14:13 PM
yes the vote for Supreme Court Justice should happen as should the stimulus for small businesses and airline/leisure.

david weber on 9/22/2020 2:48:02 PM
Absolutely. I also agree with Rush Limbaugh. Skip the hearing and call for a vote if we have a winning number of republicans commented to voting for the nominee. No more being suckers.

Robert Clanton on 9/22/2020 2:56:27 PM
yes, before the election

Robert J Vasquez on 9/22/2020 3:01:33 PM
Yes...POTUS was elected to represent the people and his job is to appoint justices and the Senate to vote. Fill the seat ASAP.

Stewart Dearing on 9/22/2020 3:02:25 PM
I absolutely agree that the Senate should vote on a Supreme Court candidate. For me, it is plain and simple. Constitutionally, the President nominates a candidate and the Senate gives advice and consent to the President on the candidate. The nonsense swirling these decisions is just noise and the Senate has the responsibility to fulfill it's obligation to confirm the nominee.

Eli Harden on 9/22/2020 3:20:40 PM
Yes vote on the judge for the Supreme Court.

Lylia on 9/22/2020 3:24:10 PM
Follow the constitution, follow the law Can't wait until Saturday to announce.

F S Hoover on 9/22/2020 3:31:11 PM
Yes!

Edgar Gary Brandin on 9/22/2020 3:44:18 PM
Yes

Steve on 9/22/2020 4:08:08 PM
YES!!! select and confirm vacant Supreme Court judge BEFORE the election!!!!

Darius Baker on 9/22/2020 4:21:27 PM
Yes, let the dems holler, Impeach away fools

Dave Daubard on 9/22/2020 4:27:31 PM
Yes, Vote for Surpreme Court Nominee before Election.

Chuck Reed on 9/22/2020 4:27:42 PM
Fill that seat. Only reasonable choice.

Michael Hogan on 9/22/2020 4:29:00 PM
YES, Senate should vote before the election for several reasons:
1. it's constitutional
2. it has been done in prior administrations
3. the Dems would do it in a heart beat
4. the absurdity of the dems attack on the conservative justice should reveal their true colors
5. the dem's outrage, even before a nominee is named, signals that it is the right action to take (because they think and live in an alternate reality 180 degrees out of sync with what is true, just, and sensible).

A man could write a book on this.
Randy

randy on 9/22/2020 4:51:10 PM
YES

Gary on 9/22/2020 4:58:41 PM
What do you think the Democrats would do if they had the Presidency and the Senate? That's right.
Stick a fork in it, it's done.

Sy on 9/22/2020 5:17:43 PM
I think that the democrat party as we knew it is gone. It's been taken over by radicle elements that want to destroy the U.S. that was begun 240 yrs. ago. As a result, I think that all that can be done to stop the dem's must be done.

Charlie O'Boyle on 9/22/2020 6:57:57 PM
There's a vacancy. The normal practice is to fill the vacancy.

Patricia Flynn on 9/22/2020 7:07:06 PM
Yes, it should be filled asap.

Harold on 9/22/2020 7:57:03 PM
Absolutely, vote immediately. Pelosi can threaten impeachment, whatever she wants. Trump is the POTUS. It is his right under the constitution to nominate a judicial replacement immediately.

Dennis D. Reese on 9/22/2020 8:31:28 PM
It's a right and an obligation.  I am happy to know these folks are willing to rip up the Constitution because this didn't go their way.  Sad to know but something to keep in mind.  CP

Charles Payne on 9/23/2020 10:32:02 AM
Definite vote before election is needed.

Patrick Burke on 9/22/2020 8:50:10 PM
President Nominates Senate votes Before Nov 3, 2020

Charles Payne on 9/23/2020 10:28:36 AM
Fill the vacancy ASAP...Oh say does that star spangled banner yet wave, or the land of the free and the home of the brave.

Dave Hancock on 9/22/2020 10:03:11 PM
Yes the Senate should vote on the Supreme Court justice, that's what they were elected to do.

SCOTT ELLIS on 9/22/2020 10:09:06 PM
Thank you for your response. No Brainer!  CP

Charles Payne on 9/23/2020 10:26:53 AM
absolutely. There should be a limit on the amount of time a seat is left vacant.

Jim on 9/23/2020 5:54:03 AM
Thanks Jim gotta be careful with opening the door to any changes...the Constitution makes it clear this is not only the right of the sitting President it's an obligation.  CP

Charles Payne on 9/23/2020 10:16:05 AM
The Democrats wouldn’t play nice In this scenario why should the Republicans.

Tommy on 9/23/2020 8:03:09 AM
Of course a new justice should be appointed immediately. Maybe this time we will actually get a true originalist. The founding fathers were genius and have saved our bacon countless times since the "progressive" attack on the foundation of our country began. Great job Charles- you rock!

Jeff Kirk on 9/23/2020 9:23:20 AM
YES ---- The left will do what they do no matter what.

john on 9/23/2020 9:41:40 AM
With Mitt Romney on board the democrats have far less ammo and should climb off the soapbox with their most dire threats that sounded like they were ready to rip up the Constitution.  CP

Charles Payne on 9/23/2020 10:09:27 AM
Seems to me God made the decision to take Justice Ginsberg when he did. We should proceed to fill the position ASAP or we will have a real mess in November.

Lucille Carlson on 9/23/2020 9:52:04 AM
Of course the President should nominate a Justice and the Senate vote. We have a government to run.

Carlos Torres on 9/23/2020 12:58:34 PM
Yes. Democrats have never hesitated using their power. Pelosi has thwarted President Trump at every possible turn. Imagine how much could have been accomplished with just a little Democrat cooperation

Edward Lawson on 9/23/2020 1:11:43 PM
Absolutely.

William Barnes on 9/23/2020 1:58:45 PM
The SCOTUS controversy should not be one at all. Since it is, combined with lawlessness, I think the market is jittery. As for SCOTUS, the President's constitutional duty should not be postponed. Then it's up to the Senate. If the circumstances were reversed, would the Democratic President wait to nominate? Not on your life.

Mark Smith on 9/23/2020 2:28:10 PM
Balance the court.

Dennis Smith on 9/23/2020 8:23:52 PM
Yes-follow the constitution while we still have one!

Nancy Swanson on 9/24/2020 9:04:06 AM
Absolutely. Regardless of who is in the White House they should move forward. It is the obligation of the sitting President to do so.

Gary Zane on 9/24/2020 9:54:46 AM
Fill the vacancy immediately. With all the problems projected for the election, a 9 member Court is an imperative.

Karin Beer on 9/24/2020 8:28:20 PM
Insurance for President Trump in case Dems try again to get rid of him.

AZARIAH CARMICHAEL on 9/25/2020 8:12:22 AM
Yes. Why wait until Oct. 11th to start. Move now. You have all the info on her in your hands!

Noreen Nys on 9/25/2020 9:32:12 AM
Yes, of course!
There is no (legitimate) reason why he shouldn't.

Vern on 9/25/2020 10:17:15 AM
ABSOLUTELY! It's constitutional....and if the situation was reversed, they would do the same...but faster!

Danny on 9/25/2020 2:15:05 PM
Absolutely, Its not only his Constitutional duty. That I will well and faithfully discharge the duties of the office of the President of the United States of America. So help me God. That means President Trumps first term doesn't end until January 20, 2021. Then president Trump will start the process all over again.

greg moore on 9/26/2020 12:23:33 PM
Absolutely! This is a major reason he was elected in the first place. As well as, the reason the numbers in the Senate were increased. The people still do have a say in the direction of this country. Yes, the power is indirect. That is the way our representative form of government was set up in the first place.

Fred Hatler on 9/27/2020 11:16:43 AM
Yes!

Peggy Tork on 9/27/2020 10:04:47 PM
Yes-yes-yes. He is going to need her after the Dems try to ruin her. The election may end up in the hands of SCOTUS

joel gooch on 9/28/2020 11:41:23 AM
Absolutely and right away. I would not have a senate hearing as it is not required. Why give the Dems a chance to trash this nominee as they did Kavanaugh? I predict this will be a new low for the Dems.

Cynthia Anderson on 9/28/2020 5:44:33 PM
Yes, I believe the should confirm the justice before the election. 9 Justices are needed to prevent a deadlock confirming the President. Everyday we have to wait for the results beyond November 4th could possibly cause a disruption in the markets.

Dennis Pocino on 9/28/2020 11:26:27 PM
To quote Obama....”we won- get over it”

Pat burke on 9/29/2020 9:09:42 AM
Yes Because it is his duty

Mike thompson on 9/29/2020 9:58:11 AM
YES

Gary Lichtenberg on 9/29/2020 10:59:44 AM
Yes

James Czarzasty on 9/29/2020 11:22:59 AM
Yes the Senate should confirm this nominee as soon as possible.

Steve K Gilbert on 9/29/2020 1:10:45 PM
Yes, the Senate should vote before the election. The last I heard the President was elected for 4 years, not 3 years and some change.

Dan Dale on 9/29/2020 8:59:16 PM
The nominees name should be submitted to the Senate ASAP. Trump is within his bounds to make the nomination and the Senate should act on it immediately.

Ed Dienes on 9/30/2020 10:43:45 AM
yes- appoint her and confirm her. Trump is going to need her

joel gooch on 9/30/2020 3:56:44 PM
Yes!!!!

candice summey on 9/30/2020 7:34:47 PM
Yes, she is highly qualified and the Senate needs to move forward quickly!

Tom Stanley on 10/1/2020 10:00:16 AM
Yes

Dennis Miller on 10/1/2020 10:29:37 AM
Absolutely

Paul B Sullivan on 10/1/2020 2:19:04 PM
Yes, let's confirm and move on to becoming wealthier, stronger and securer!

Leonard B Glasser on 10/1/2020 5:07:17 PM
Yes, President Trumps first term ends on Jan 20, 2021, and hopefully re-elected for FOUR MORE YEARS.

Dan Greer on 10/1/2020 10:21:55 PM
Ms. Amy Coney Barrett is an outstanding nominee. She has a proven track record and has been vetted for her current Federal Judicial position. Because of politics DEMs will attempt stall the process in favor of what they believe will be a more liberal candidate. Being a member of SCOTUS in my humble opinion should be based on the strict interpretation of the constitution and not public sentiment that frequently changes. Congress is charged with the creation of Laws and SCOTUS is created to interpret and ensure laws are within the framework of the constitution. The SCOTUS should NOT be a POLITICAL body.

Joe on 10/2/2020 11:10:04 AM
yes

Karen on 10/3/2020 10:50:56 PM
Of course, this is the job of the nations leaders. Not to mention there is a national security risk when there is a vacant SCOTUS seat. But, these old and weathered leaders have forgotten their roles and instead look to inflict as much power over American citizens as possible. They all need to go. They are no longer in touch with the times or the people. Start with Pelosi, Schumer, McConnell, Graham. Pathetic! (BTW.... the world is ending because Trump got Covid.... said all the "experts")

Blake Fortune on 10/5/2020 9:37:52 AM
Yes. Sure the dems would take the high road, but republicans do what is in their best interest.

Jay jay on 10/5/2020 2:13:23 PM
Absolutely!!

Mike Gibney on 10/6/2020 7:54:05 AM
 

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