Market Commentary
It’s a rather lackluster day as all eyes await the FOMC policy statement. The Nasdaq was higher, but now all the major indices are in the red, although slightly. Yields continue to decline with the benchmark 10-year trading around 1.48% as demand for Treasury’s increases. Let’s see what happens after Powell speaks.
Real Estate and Health Care are the best performers, while Communication Services and Financials are the laggards.
S&P 500 Index |
-0.19% |
|
Communication Services XLC |
-0.65% |
|
Consumer Discretionary XLY |
-0.02% |
|
Consumer Staples XLP |
-0.37% |
|
Energy XLE |
-0.01% |
|
Financials XLF |
-0.55% |
|
Health Care XLV |
+0.26% |
|
Industrials XLI |
-0.25% |
|
Materials XLB |
-0.35% |
|
Real Estate XLRE |
+0.38% |
|
Technology XLK |
-0.13% |
|
Utilities XLU |
+0.08% |
Despite Energy being relatively flat, prices continue to soar and are trading near the highest level since October of 2018 at $72.30 per barrel. Oil is up more than 20% from April till now. U.S. crude oil inventory fell by 8.355 million barrels for the week ending June 11, which marked the 4th straight week of declines. OPEC+ nations have plan to stick to their agreement to slowly reduce the supply curbs into July.
The housing market is being pressured by shortages in supply and materials coupled with increased cost. While Mortgage applications increased 4.2% from the prior week according to the Mortgage Bankers Association’s (MBA), they had been down for 3 consecutive weeks, and year over year are down. Refinances represented 61.7% of the total applications as interest rates have pulled back and the 30-year at 3.11%, the lowest since May.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
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