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Afternoon Note

Market Looking for Catalyst

By Charles Payne, CEO & Principal Analyst
4/19/2021 1:49 PM

Major indices are retracing from last week’s record-setting with no known catalyst. A batch of better-than-expected earnings were reported this morning with Coca-Cola (KO) and Harley-Davidson (HOG) beating analysts’ expectations. HOG also raised its full-year guidance, which gave the stock an additional boost.

All 11 sectors of the S&P 500 are in red. Technology is the worst performer with semiconductors lagging. The PHLX Semiconductor Index is down 3.2%, trimming its April gain.

S&P 500 Index

 

-0.73%

Communication Services XLC

 

-0.95%

Consumer Discretionary XLY

 

-1.10%

Consumer Staples XLP

 

-0.11%

Energy XLE

 

-0.64%

Financials XLF

 

-0.34%

Health Care XLV

 

-0.26%

Industrials XLI

 

-0.61%

Materials XLB

 

-0.81%

Real Estate XLRE

 

-0.07%

Technology XLK

 

-1.28%

Utilities XLU

 

-0.48%

The market breadth is weak with more losers than winners.

Market Breadth

NYSE

NASDAQ

Advancing

975

877

Declining

2,298

3,255

52 Week High

203

127

52 Week Low

27

88

Up Volume

649.98M

843.21M

Down Volume

1.36B

1.57B

Very intriguing action spotted in auto retailers this afternoon. The latest Apple Mobility Trends show driving is still on the rise.

The market is vulnerable to this short-term weakness but offer opportunities to find ideas.


 

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