Afternoon Note
By Charles Payne, CEO & Principal Analyst
6/9/2021 2:03 PM
The S&P 500 traded just under its all-time high today. The index came within 1 point of its intraday record within the first two minutes of the session. The Nasdaq added 0.3% and the Dow Jones held steady around yesterday’s closing levels.
Six of the eleven S&P sectors are higher. Defensives are the best performers with Healthcare leading. Cyclicals are struggling with Industrials lagging.
|
S&P 500 Index |
+0.10% |
|
|
Communication Services XLC |
+0.37% |
|
|
Consumer Discretionary XLY |
|
-0.09% |
|
Consumer Staples XLP |
|
-0.20% |
|
Energy XLE |
+0.35% |
|
|
Financials XLF |
|
-0.81% |
|
Health Care XLV |
+0.97% |
|
|
Industrials XLI |
|
-0.92% |
|
Materials XLB |
|
-0.52% |
|
Real Estate XLRE |
+0.38% |
|
|
Technology XLK |
+0.42% |
|
|
Utilities XLU |
+0.75% |
|
Crude stocks fell more than expected last week but product inventories rose significantly. WTI hovered around $70.50 ahead of the official inventory data. WTI is currently sitting at $69.67.
|
Energy Inventories |
Actual |
Estimates |
|
Crude Oil |
-5.2 million |
-2.0 million |
|
Gasoline |
+7.0 million |
+700,000 |
|
Distillates |
+4.4 million |
+1.4 million |
The meme trade is transforming into something, as investors continue to make waves in the broader markets. Over the last few sessions, we’ve seen big run-ups and falls in Clover Health (CLOV), ContextLogic (WISH), Clean Energy Fuels (CLNE), GEO Group (GEO) and even Wendy’s (WEN). Today, the rally started to fade, but some new names popped up intraday.
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