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Afternoon Note

Markets Edge Higher

By Charles Payne, CEO & Principal Analyst
7/23/2021 1:49 PM

Another record-breaking session with the S&P 50 hitting a new intraday high. Strong earnings from tech stocks made investors optimistic. The Dow Jones gained 0.6%, while the S&P 500 and Nasdaq climbed more than 1%.

Communication Services is picking up some momentum, after having survived a recent test of its 50-day moving average. Twitter (TWTR) and Snap (SNAP) are pushing the sector higher, along with Facebook (FB) who received a Street-high price target this morning.

S&P 500 Index

+0.87%

 

Communication Services XLC

+2.48%

 

Consumer Discretionary XLY

+0.74%

 

Consumer Staples XLP

+1.09%

 

Energy XLE

 

-1.07%

Financials XLF

+0.17%

 

Health Care XLV

+1.02%

 

Industrials XLI

+0.22%

 

Materials XLB

+0.27%

 

Real Estate XLRE

+0.65%

 

Technology XLK

+0.79%

 

Utilities XLU

+0.88%

 

There are more advanced on the NYSE, but more decliners on the Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancing

1,836

1,865

Declining

1,373

2,297

52 Week High

126

117

52 Week Low

46

114

Up Volume

779.22M

1.10B

Down Volume

1.92B

1.25B

The Street is gearing up for earnings from the Big Tech next week. Major tech companies including Microsoft (MSFT), Alphabet (GOOG), Apple (APPL), Facebook (FB), and Amazon (AMZN) will be reporting their second-quarter results.


Comments
have a good weekend

Dr. James Pond on 7/23/2021 1:58:03 PM
 

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