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Afternoon Note

Disney Letdown

By Charles Payne, CEO & Principal Analyst
11/11/2021 1:50 PM

It’s a mixed session in afternoon hours with the S&P 500 and Nasdaq outperforming. The Dow Jones is the lone laggard, being led to the downside by Disney (DIS)’s 6% drop. Shares of Rivian Automotive (RIVN) continue to climb, up 23% on its second day as a public company.

Materials are holding the lead with strong leadership from miner Freeport-McMoRan (FCX), bouncing toward its June high. Utilities lagged after gains in the two last sessions.

S&P 500 Index

+0.14%

 

Communication Services XLC

+0.25%

 

Consumer Discretionary XLY

+0.14%

 

Consumer Staples XLP

 

-0.10%

Energy XLE

+0.66%

 

Financials XLF

+0.30%

 

Health Care XLV

 

-0.46%

Industrials XLI

 

-0.36%

Materials XLB

+1.02%

 

Real Estate XLRE

 

-0.44%

Technology XLK

+0.45%

 

Utilities XLU

 

-0.89%

Breadth is light with advancers outpacing decliners.

Market Breadth

NYSE

NASDAQ

Advancing

1,877

2,576

Declining

1,341

1,779

52 Week High

67

103

52 Week Low

45

120

Up Volume

1.28B

1.81B

Down Volume

695.96M

757.55M

The U.S. Dollar (DXY) is gaining strength with a monumental breakout. A strong dollar could cool sizzling commodities, but it is not beneficial for multinational corporations.

 


 

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