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Afternoon Note

Slightly Down Tape

By Charles Payne, CEO & Principal Analyst
4/12/2021 1:35 PM

It’s a slightly down tape today, as some profit taking ensues and investors awaiting the kickoff of earnings seasons. The Nasdaq rose 3% last week and some momentum names that have risen of late are giving a little back today. 

Materials and Financials are the best performing sectors.  Speaking of Financials, Goldman Sachs (GS), JPMorgan Chase (JPM), and Wells Fargo (WFC) all kick off U.S. bank earnings when they report Wednesday morning.

Communications and Technology are the worst performing sectors. FAANG is currently down after a nice climb higher last week, with Apple (AAPL) the worst performer, down 2%, and Amazon (AMZN) the lone stock in the group to be up fractionally after being down earlier.  Taiwan Semiconductor (TSM) is down 2% after reporting it plans to increase capex for FY2021. 

Nvidia (NVDA) unveiled its new CPU, which will deliver 10 times the performance of fastest server currently available on the market.  The news sent NVDA shares higher by almost 3%, but Intel (INTC) is headed the other way, down almost 4%. 

S&P 500 Index

 

-0.01%

Communication Services XLC

 

-0.48%

Consumer Discretionary XLY

+0.47%

 

Consumer Staples XLP

+0.36%

 

Energy XLE

 

-0.10%

Financials XLF

+0.31%

 

Health Care XLV

+0.28%

 

Industrials XLI

+0.31%

 

Materials XLB

+0.41%

 

Real Estate XLRE

+0.05%

 

Technology XLK

 

-0.40%

Utilities XLU

+0.23%

 
 

Breadth is mixed again, with advancers leading on the NYSE and lagging on the Nasdaq, but the volume tells a bit of different story, with the down volume exceeding the up for both the NYSE and Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancing

1,669

1,493

Declining

1,573

2,590

52 Week High

260

152

52 Week Low

13

57

Up Volume

681.21M

655.21M

Down Volume

1.12B

1.70B

In merger news, Microsoft (MSFT) is buying Nuance Communications (NUAN) in an all-cash deal valued at $19.7 billion. 

In other news, Telsa (TSLA) shares are moving higher on an upgrade from Canaccord Genuity to a buy.  Uber (UBER) is having a nice day as well, up about 5%, as the company reported its highest monthly gross bookings in March.

Let's see how the remainder of the session goes. 


 

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