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Afternoon Note

Stimulus Waiting Game

By Charles Payne, CEO & Principal Analyst
10/21/2020 1:58 PM

Another day of the stimulus waiting game, which has caused the markets to gyrate up and down.  Alyssa Farah, a Whitehouse spokesperson, stated:

House Speaker Pelosi and Treasury Secretary Mnuchin are continuing talks and are scheduled to speak again today. When Pelosi was asked if she think there will be a deal by election, she said, “Well, I hope so. We can certainly hope so…”

At midday, the Nasdaq and the S&P 500 are in the green, and the Dow has turned negative.  Only, 2 S&P 500 are positive with Communication Services outperforming, on the heels of a blow earnings report from SnapChat (SNAP), and Energy is underperforming.

S&P 500 Index

 

-0.19%

Communication Services XLC

+1.75%

 

Consumer Discretionary XLY

 

-0.70%

Consumer Staples XLP

+0.08%

 

Energy XLE

 

-1.17%

Financials XLF

 

-0.07%

Health Care XLV

 

-0.51%

Industrials XLI

 

-0.64%

Materials XLB

 

-0.02%

Real Estate XLRE

 

-0.50%

Technology XLK

 

-0.24%

Utilities XLU

 

-0.49%

Breadth is negative, advancers and decliners are pretty much neck and neck, and new highs are far outpacing new lows.

Issues:

NYSE

NASDAQ

Advancing

1,154

1,294

Declining

1,875

2,089

Unchanged

73

90

52 Week High

56

65

52 Week Low

17

29

Advancing

1.03B

962.17M

Declining

1.07B

956.20M

Mortgage applications in total declined for a second week in a row, down 0.6%, after slipping 0.7% in the previous week.  Mortgage rates rose slightly up 0.2% to 3.02% for a 30-year fixed mortgage, but this is still close to historic lows.

 

 


 

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