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Afternoon Note

Not Enough

By Charles Payne, CEO & Principal Analyst
4/29/2021 2:02 PM

The excitement from megatech companies’ latest results didn’t last too long. The Nasdaq gave up gains and is currently flat.

Communication Services sector is comfortably leading after Facebook (FB) and Comcast (CMCSA) beat Q1 expectations. Other names moving in the sector are Alphabet (GOOG), Verizon (VZ) and AT&T (T).

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




March pending home sales reported weaker than expected at +1.9% vs +4.4% consensus. Prior month was revised down to -11.5%. All regions except Midwest saw gains. Inventory remains a problem.

"Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months, as well as from a steady wind-down of the mortgage forbearance program," said Lawrence Yun, NAR's chief economist.

Earnings and Stock Moves

All eyes will be on Amazon (AMZN) this afternoon.  For the most part, the stock trades higher one week after earnings than the initial reaction. 

AMZN Earnings Reaction

One Week

One Day

Jan 2021



Oct 2020



Jul 2020



Apr 2020




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