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Afternoon Note

Looking for Record Close

By Charles Payne, CEO & Principal Analyst
2/4/2021 1:49 PM

The major indices are continuing their upward momentum, looking for the 4th consecutive up day. If these levels hold, we could be set for a record close.  The real winner today is the Russell 2000, and the microcaps are rocking.  The GameStop (GME) frenzy is at bay, and the stock has taken a major dive, down 37% today.

Ten of the 11 S&P 500 sectors are in the green. The benchmark 10-year Treasury is up slightly to 1.14% and is helping the Financials, which is the top performing sector today. Industrials are also outperforming as part of the recovery and stimulus trade.  

Crude oil futures are near the one year high.  The OPEC+ nations concluded their meeting, sticking to their guns with no change to the current supply cuts or output policy. WTI is about $56 per barrel.

S&P 500 Index

+0.71%

 

Communication Services XLC

+0.23%

 

Consumer Discretionary XLY

+0.53%

 

Consumer Staples XLP

+0.56%

 

Energy XLE

+0.55%

 

Financials XLF

+1.74%

 

Health Care XLV

+0.39%

 

Industrials XLI

+1.01%

 

Materials XLB

 

-0.21%

Real Estate XLRE

+0.60%

 

Technology XLK

+0.91%

 

2Utilities XLU

+0.70%

 

Breadth is decidedly positive, with the up volume outpacing the down, and new 52-week highs are picking up steam, especially on the Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancing

2,159

2,781

Declining

1,029

1,079

52 Week High

156

276

52 Week Low

2

2

Up Volume

1.56B

2.80B

Down Volume

1.10B

1.85B

All eyes will be on the jobs number out tomorrow at 8:30am ET.  


Comments
thank you charles payne

robert hewlett on 2/4/2021 6:47:10 PM
Thank you for providing your professional perspective on the market,it helps this investor learn something about the whole finance thing with each posting.

April Smith on 2/4/2021 8:03:49 PM
 

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