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Afternoon Note

Marching Higher

By Charles Payne, CEO & Principal Analyst
5/3/2021 1:32 PM

The major indices came off today’s highs as big companies such as Tesla (TSLA) and Amazon (AMZN) weigh on the Nasdaq. Investors assess economic data, with inflation remaining at the forefront of the debate.

Oil is inching higher, nearing a major resistance point. It is kind of ironic that crude oil has been mostly sideways while other commodities have been rocketing higher. Let’s see if that changes, for now Energy is the best performing sector this afternoon.  Real Estate is lagging as Treasuries advanced.

S&P 500 Index

+0.36%

 

Communication Services XLC

 

-0.41%

Consumer Discretionary XLY

 

-0.26%

Consumer Staples XLP

+1.08%

 

Energy XLE

+2.34%

 

Financials XLF

+0.72%

 

Health Care XLV

+1.20%

 

Industrials XLI

+0.87%

 

Materials XLB

+1.38%

 

Real Estate XLRE

 

-0.58%

Technology XLK

 

-0.28%

Utilities XLU

+0.69%

 

 

Breadth is decidedly bullish today, with advancers leading in both NYSE and Nasdaq. Up volume is exceeding the down volume as well. 

Market Breadth

NYSE

NASDAQ

Advancing

2,285

2,136

Declining

1,031

1,981

52 Week High

274

144

52 Week Low

13

42

Up Volume

1.35B

1.23B

Down Volume

642.37M

1.30B


 

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