Afternoon Note
The major indices have been rather subdued today after the latest economic releases on PPI and initial claims. The Dow is down slightly, while the S&P and the Nasdaq are in the green. The bond market has had a chance to digest the news, and the relatively flat 10 year suggest to some that inflation rates could be peaking. The 10-year currently stands at 1.36%. Additionally, the latest Treasury bond auction of $27 billion in 30-year notes, went off at 2.040%.
The S&P500, which hit another record, is mixed, with Healthcare the best performing sector. The FDA is set to approve a Covid booster vaccine dose for those with weak immune systems. Meanwhile, the World Health Organization (WHO) announced it will test 3 drugs for potential treatment for patients’ hospitalized with Covid. They are Ipca Laboratories malaria drug artesunate; Novartis AG's (NOVN.EB) cancer medication Gleevec, and Johnson & Johnson's (JNJ) rheumatoid arthritis drug Remicade. JNJ is among the top performers today.
Energy is the worst performing sector with WTI trading down slightly to $69.09. The Biden administration is urging OPEC and its allies to boost oil production to help alleviate the rising prices of oil, which they believe is a threat to the overall global recovery.
S&P 500 Index |
+0.10% |
|
Communication Services XLC |
-0.02% |
|
Consumer Discretionary XLY |
-0.28% |
|
Consumer Staples XLP |
-0.06% |
|
Energy XLE |
-0.54% |
|
Financials XLF |
+0.13% |
|
Health Care XLV |
+0.59% |
|
Industrials XLI |
-0.30% |
|
Materials XLB |
-0.47% |
|
Real Estate XLRE |
+0.10% |
|
Technology XLK |
+0.33% |
|
Utilities XLU |
+0.12% |
The spread of Covid and the delta variant is again causing uncertainty not only Wall Street, but Main Street. Already tight supplies and delays are feeling additional pressure today on news that the Meishan terminal in Ningo-Zhoushan, the world’s third busiest port, has halted all inbound and outbound container services after an employee became infected with Covid.
The spot freight charges from Shanghai to Los Angeles remains elevated at $10,322; albeit, off the high set at the end of July of $10,503.
Comments |
Why doesn't Biden unleash our Oil and Gas Industry instead of shipping dollars and jobs to the middle east? Is he so blind and bound to the progressive socialist that he cannot think straight? He is a ONE TERM President so why not do the right things now? It seems that his agenda and direction come from Obama and the core progressive socialist: not the Middle Class and working people/Families he likes to crow about all the time. garro on 8/12/2021 5:23:16 PM |
Tweet |
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 |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
3/11/2024 1:41 PM | Sharpening Pencils |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|