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Afternoon Note

Another Record High

By Charles Payne, CEO & Principal Analyst
4/8/2021 1:16 PM

It is another record high for the major indices, as investors digest the latest from the Federal Reserve and this morning’s initial claims number. The major event this afternoon will be Fed Chairman Jerome Powell’s contribution to a panel on the global economy that started at 12pm ET. He acknowledged the strength of the March jobs report but would like to see a series of reports like that.

The S&P climbed for a second straight day, while the Nasdaq is outperforming amid a rally in giants such as Apple (AAPL) and Amazon (AMZN). Small caps managed to fight their way back into positive territory. The Russell 2000 was up around 0.4%

Technology is the best performing sector in today’s session with Okta (OKTA) soaring up 11% after the company reaffirmed its guidance for year 2021.

S&P 500 Index

+0.28%

 

Communication Services XLC

 

-0.10%

Consumer Discretionary XLY

+0.60%

 

Consumer Staples XLP

 

-0.10%

Energy XLE

 

-1.36%

Financials XLF

 

-0.46%

Health Care XLV

+0.27%

 

Industrials XLI

+0.01%

 

Materials XLB

+0.15%

 

Real Estate XLRE

 

-0.23%

Technology XLK

+1.08%

 

Utilities XLU

 

-0.02%

 

Oil fluctuated between gains and losses; it is currently down 0.13% at $59.71.

Advancers are leading decliners on both the NYSE and the Nasdaq, while volume is mixed.

Market Breadth

NYSE

NASDAQ

Advancing

1,708

2,368

Declining

1,492

1,566

52 Week High

179

103

52 Week Low

8

18

Up Volume

825.36M

1.23B

Down Volume

951.30M

835.45M

 


 

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