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Afternoon Note

Whipsaw Session

By Charles Payne, CEO & Principal Analyst
9/30/2021 1:39 PM

Stocks pulled back in the final trading session of September, as investors continue to eye debates in Washington over a host of measures. There is chaos in Washington D.C. and Pelosi is losing control. Thursday night marks the deadline for Congress to vote on funding the government beyond September 30th. This morning, the Treasury Secretary reiterated her call for Congress to raise the debt ceiling, noting that failure to do so would be “catastrophic.”

All eleven sectors trade in the red with five down 1% or more, while the communication services sectors hold the slimmest loss.  The sector is helped by a strong performance on Netflix (NFLX) and continued strength in video game companies Electronic Arts (EA), Take-Two (TTWO) and Activision Blizzard (ATVI).

S&P 500 Index

 

-0.79%

Communication Services XLC

 

-0.06%

Consumer Discretionary XLY

 

-1.38%

Consumer Staples XLP

 

-1.29%

Energy XLE

 

-0.76%

Financials XLF

 

-1.30%

Health Care XLV

 

-0.57%

Industrials XLI

 

-1.32%

Materials XLB

 

-0.93%

Real Estate XLRE

 

-1.15%

Technology XLK

 

-0.41%

Utilities XLU

 

-0.71%

 
There are more decliners than advancers this afternoon, but up volume is strong in the Nasdaq.
 

Market Breadth

NYSE

NASDAQ

Advancing

1,011

1,898

Declining

2,255

2,394

52 Week High

41

50

52 Week Low

63

155

Up Volume

667.80M

2.41B

Down Volume

1.39B

1.12B

We think this is a huge overreaction and still see a spending bill and infrastructure happening.

 


 

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