Afternoon Note
The major indices are little changed on a big day for earnings. About a third of the S&P 500 companies post results this week. Microsoft (MSFT), General Electric (GE), Starbucks (SBUX), and Verizon Communications (VZ) are among Tuesday’s reporters, followed by Apple (AAPL), Facebook (FB) and Tesla (TSLA) on Wednesday.
Wild swings resumed in heavily shorted stocks, including GameStop (GME) and AMC Entertainment (AMC), as retail investors bet against short-selling hedge funds.
The Dow and Nasdaq are up 0.10% and 0.07%, respectively. The S&P 500 is flat. Communication Services is the best performing sector, with Facebook (FB) leading up 1.68%.
S&P 500 Index |
0.00% |
|
Communication Services XLC |
+0.76% |
|
Consumer Discretionary XLY |
+0.02% |
|
Consumer Staples XLP |
+0.30% |
|
Energy XLE |
-1.30% |
|
Financials XLF |
-0.60% |
|
Health Care XLV |
-0.19% |
|
Industrials XLI |
-0.51% |
|
Materials XLB |
-0.82% |
|
Real Estate XLRE |
+0.63% |
|
Technology XLK |
-0.07% |
|
Utilities XLU |
-1.35% |
Conference Confidence index ticked up, beating consensus.
Expectations are better in most categories, while present situation decreased. According to Senior Director of Economic Indicators at The Conference Board, Lynn Franco, COVID-19 is still weighing on consumers present-day conditions, but they see conditions improving soon.
Consumer Confidence |
Dec |
Jan |
Present |
87.2 |
84.4 |
Expectations |
87 |
92.5 |
January Richmond Fed Manufacturing came a bit softer. Shipments, new orders, and inventories came weaker, but still expanding. Employment stronger and well-off during depths of crisis.
Richmond Fed Survey |
Dec |
Jan |
Headline |
19 |
14 |
New Orders |
24 |
12 |
Shipments |
12 |
10 |
Employment |
20 |
23 |
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
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