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Afternoon Note

Coinbase IPO Buzz

By Charles Payne, CEO & Principal Analyst
4/13/2021 1:44 PM

It is another very cautious market, but tech is trying to pick up momentum.  Lots of intrigue as the strength in utilities points to general anxiety. Weakness in financials point to less confidence that big banks will blow away Wall Street consensus as they kick off earning season tomorrow morning.

Reporting Before the Open:

S&P 500 Index

+0.13%

 

Communication Services XLC

+0.14%

 

Consumer Discretionary XLY

+0.65%

 

Consumer Staples XLP

 

-0.48%

Energy XLE

+0.18%

 

Financials XLF

 

-0.68%

Health Care XLV

+0.11%

 

Industrials XLI

 

-0.85%

Materials XLB

 

-0.50%

Real Estate XLRE

+0.44%

 

Technology XLK

+0.58%

 

Utilities XLU

+1.09%

 

 

Meanwhile the amount of buzz for the Coinbase offering is off the charts. It is going to be explosive.  Some will use it as proof the end is near, while others will use it to point to a new revolutionary era in the financial world. 

I am more in the latter camp.


 

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