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Afternoon Note

Stocks Found Footing

By Charles Payne, CEO & Principal Analyst
4/6/2021 1:27 PM

After an unsure start to trading, stocks found their footing and gathered upside momentum after the so-called JOLTs report was released.  At 7.3 million job openings in February, the number was better than anticipated.

United States Job Openings

Meanwhile, there are more signs the US economy is on fire.  The IMF just updated its GDP projections and sees the American economy now growing at 6.4% this year without the proposed infrastructure plan. The most important part of the new math is the United States is once again the straw that will stir the global drink. The message is clear – we do not need egregious spending or more stimulus checks.  And do not derail this with higher taxes.

IMF GDP Estimates

United States

Euro Zone

China

2021

6.4%

4.4%

8.4%

Prior

5.1%

4.2%

8.1%

2022

3.5%

3.8%

5.6%

Prior

2.5%

3.6%

5.6%

Once again, the market is responding positively to strong economic data – I like that a lot.  I don’t like that so much money remains on the sidelines, so it’s about the momentum crowd bounding around. 

They continue pile into growth names, lifting the NASDAQ higher, and Energy is bouncing back after an ugly session yesterday.

Mahaney Touches Down

Influential Internet analyst Mark Mahaney started his new gig at Evercore with a ton of enthusiasm for the industry. Etsy (ETSY) and Roku (ROKU) are responding best at the moment.


 

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