Afternoon Note
By Charles Payne, CEO & Principal Analyst
7/14/2021 1:58 PM
The market has been seesawing all day. First move stalled with the S&P hitting a new intraday record, but the rally faded after news that UK daily covid cases soared passing 40,000, the highest since January 15th.
The three major indices are in the green, well off its lows. S&P 500 is leading, while The Dow Jones and Nasdaq are almost flat.
Energy is the worst performer after UAE Energy Minister confirmed no agreement has been reached yet with OPEC+ and talks continue.
|
S&P 500 Index |
+0.22% |
|
|
Communication Services XLC |
+0.18% |
|
|
Consumer Discretionary XLY |
+0.34% |
|
|
Consumer Staples XLP |
+0.59% |
|
|
Energy XLE |
-2.18% |
|
|
Financials XLF |
-1.19% |
|
|
Health Care XLV |
+0.01% |
|
|
Industrials XLI |
-0.59% |
|
|
Materials XLB |
-0.77% |
|
|
Real Estate XLRE |
-0.54% |
|
|
Technology XLK |
+1.06% |
|
|
Utilities XLU |
+0.75% |
In addition, oil saw its eight consecutive weekly drawdown, while gasoline inventories rose unexpectedly.
|
EIA Petroleum Inventories |
Actual |
Expected |
|
Crude Oil |
-7.9M |
-4.4M |
|
Gasoline |
+1.0M |
-6.1M |
|
Distillates |
+3.7M |
+1.6M |
All ears to Powell’s testimony in front of Congress today, as inflation dynamics continue to be in focus in the market. So far, the Fed chairman said no plans to alter its easy monetary policies. The reality is the Fed has to deal with whatever comes in.
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