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Afternoon Note

Unstoppable

By Charles Payne, CEO & Principal Analyst
4/16/2021 2:03 PM

Major indices saw record highs today in a mixed and tight-ranged session. However, Nasdaq is not joining the party and is trading in negative territory, as interest rates rebound.

Materials is the best performing sector in today’s session driven by strong results from PPG Industries (PPG) along with the strong housing starts/building permits numbers released this morning. Moreover, it is notable the action seeing in lumber today up 2.4% at $1,291.

S&P 500 Index

+0.23%

 

Communication Services XLC

 

-0.27%

Consumer Discretionary XLY

+0.67%

 

Consumer Staples XLP

+0.61%

 

Energy XLE

 

-0.64%

Financials XLF

+0.40%

 

Health Care XLV

+0.48%

 

Industrials XLI

 

-0.07%

Materials XLB

+0.88%

 

Real Estate XLRE

+0.24%

 

Technology XLK

 

-0.06%

Utilities XLU

+0.78%

 

New York’s services sector is showing signs of life. The New York Fed service-sector survey jumped to 30.2, the highest since 2006. Employment moved higher along with Capex intentions. To add, New York Mayor DiBlasio said it’s time for employees to return to the office. 


 

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