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Afternoon Note

Jobs Debacle

By Charles Payne, CEO & Principal Analyst
5/7/2021 1:56 PM

The long-awaited employment report rattled markets. The softer figure signal challenges to the economic recovery. Combined with other data, it appears that today’s disappointing print for jobs is less an issue of demand and more of supply.

Despite of that, the S&P 500 rose to a new high as investors believe easy monetary policies will remain in place for longer.

Only two sectors are in red, while Energy continues to outperform this week. Oil still finding some resistance at $64.90.

S&P 500 Index

+0.64%

 

Communication Services XLC

+0.91%

 

Consumer Discretionary XLY

+0.84%

 

Consumer Staples XLP

 

-0.26%

Energy XLE

+1.21%

 

Financials XLF

 

-0.03%

Health Care XLV

+0.58%

 

Industrials XLI

+0.70%

 

Materials XLB

+0.74%

 

Real Estate XLRE

+0.65%

 

Technology XLK

+0.99%

 

Utilities XLU

+0.46%

 

Advancers are leading decliners on both NYSE and Nasdaq. Up volume swamped down volume more than 3:1.

Market Breadth

NYSE

NASDAQ

Advancing

2,366

2,808

Declining

897

1,286

52 Week High

441

226

52 Week Low

18

41

Up Volume

1.53B

1.94B

Down Volume

450.82M

611.76M

Let’s stay on the sidelines this afternoon.


 

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