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Afternoon Note

Manufacturing Resurgence Gains Steam

By Charles Payne, CEO & Principal Analyst
1/5/2021 2:06 PM

Stocks are recovering some after their sharp losses yesterday and ahead of Georgia’s Senate runoff elections. The Dow Jones added 131 points; the S&P 500 advanced around 18 points; and the Nasdaq gained 79 points this afternoon.

Energy is the best sector in today’s session, as WTI crude hit $50. The rally came after OPEC+ announced voluntary oil cuts in February.

Utilities are underperforming and acting like there will be a red wave. Smart money is not loading up on the sector that should be the biggest winner under Biden and blue wave.

S&P 500 Index

+0.36%

 

Communication Services XLC

+0.06%

 

Consumer Discretionary XLY

+0.31%

 

Consumer Staples XLP

 

-0.22%

Energy XLE

+5.74%

 

Financials XLF

+0.62%

 

Health Care XLV

+0.18%

 

Industrials XLI

+0.82%

 

Materials XLB

+1.49%

 

Real Estate XLRE

+0.37%

 

Technology XLK

 

-0.07%

Utilities XLU

 

-0.12%

Breadth is decisively positive today, almost 3-1 on the NYSE, as companies making new 52-week highs are blowing away new lows.

Market Breadth

NYSE

NASDAQ

Advancing

2,222

2,595

Declining

904

1,120

52 Week High

77

134

52 Week Low

4

4

Up Volume

1.67B

2.81B

Down Volume

533.31M

940.38M

ISM Manufacturing

The economic activity in the US manufacturing sector expanded in December to 60.7 from 57.5, beating expectations of 56.7.

Respondents were mostly bullish. Many reported sales were above pre-Covid 19 levels.


Comments
Iím new at this really enjoy the updates.

Bob Hartman on 1/5/2021 3:03:28 PM
Great to be in the know Charles! You're our link to sanity! God Bless.

Lorin K on 1/5/2021 8:10:22 PM
 

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