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Afternoon Note

Another Intriguing Session

By Charles Payne, CEO & Principal Analyst
3/31/2021 1:39 PM

It’s been another intriguing session, which has picked up on yesterday’s midday move in big growth names.  As such, Technology is the biggest winner today, followed by Consumer Discretionary and Communication Services.

The Biden Infrastructure stocks are pulling back in part to the realization it’s not really an infrastructure plan; although, $600 billion in addition to the organic demand is enough to help these names.  But in this market, selling on the news has become all too common.

For long term investors, it’s frustrating, but it just means sticking to your needs and the value proposition.

S&P 500 Index

+0.71%

 

Communication Services XLC

+0.96%

 

Consumer Discretionary XLY

+1.10%

 

Consumer Staples XLP

+0.28%

 

Energy XLE

 

-0.69%

Financials XLF

 

-0.58%

Health Care XLV

+0.58%

 

Industrials XLI

 

-0.38%

Materials XLB

 

-0.32%

Real Estate XLRE

 

-0.15%

Technology XLK

+1.81%

 

Utilities XLU

+0.31%

 
 

The ADP jobs report also slowed the move in bond yields, as it mitigates the scuttlebutt of one million jobs created in March.  Once again, if ten-year bond yield simply finds a home, even above current levels but below 1.90%, this market should take off with mega growth leading the way.


 

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