Afternoon Note
By Charles Payne, CEO & Principal Analyst
1/6/2022 2:11 PM
Technology is trying to recover some ground after following yesterday’s sharp selloff. Several tech stocks continue their slide with Tesla (TSLA) and Netflix (NFLX) down about 2% each; however, other mega-cap tech stocks are rising with Meta Platforms (FB) and Google (GOOGL) up 3.3% and 1%, respectively.
Rates continue to rise, with the 10-year yield hitting 1.74% during early afternoon. The 10-year real yield (adjusted for inflation) sits at -0.77%, having moved quickly from below -1%.
Energy holds the lead again in the S&P 500, extending this week’s gains to 8.5%. Crude oil is up 1.8% at $79.30 driven by protests in OPEC member Kazakhstan, and supply outages in Libya.
|
S&P 500 Index |
+0.20% |
|
|
Communication Services XLC |
+1.16% |
|
|
Consumer Discretionary XLY |
-0.02% |
|
|
Consumer Staples XLP |
+0.04% |
|
|
Energy XLE |
+1.74% |
|
|
Financials XLF |
+1.22% |
|
|
Health Care XLV |
-0.33% |
|
|
Industrials XLI |
+0.51% |
|
|
Materials XLB |
-0.89% |
|
|
Real Estate XLRE |
+0.18% |
|
|
Technology XLK |
-0.21% |
|
|
Utilities XLU |
-0.30% |
ISM Services weakens
The December ISM Services index dropped to 62 from 69.1 last month. Business activity, new orders, backlogs, and supplier deliveries all fell but are still expanding. Respondents continue to struggle with inflation, supply chain issues, logistics, and labor and material shortage.
-Business Activity 67.6 vs. 74.6 prior
-New Orders 61.5 vs 69.7 prior
-Employment 54.9 vs 56.5 prior
-Suppliers Deliveries 63.9 vs 75.7 prior
All eyes on the jobs report tomorrow, which is expected to have added 422,000 jobs in December.
| Tweet |
Log In To Add Your Comment
| 8/15/2022 1:03 PM | Housing Recession |
| 8/15/2022 9:37 AM | THE BOUNCE THAT WANTS TO BE A BOOM |
| 8/12/2022 1:50 PM | Winning Week |
| 8/12/2022 9:46 AM | SHOOTING STAR SIGHTING |
| 8/11/2022 2:14 PM | Markets Resolving |
| 8/11/2022 9:40 AM | MARKET CELEBRATES CPI |
| 8/10/2022 1:38 PM | Market Celebrating |
| 8/10/2022 9:48 AM | THAT KNOT IN YOUR STOMACH IS REAL |
| 8/9/2022 1:43 PM | Recession Ahead? |
| 8/9/2022 9:19 AM | SMALL-CAPS BASK IN THE SUN |
| 8/8/2022 1:20 PM | Retail is Back |
| 8/8/2022 9:40 AM | Small Caps Flexing Muscle |
| 8/5/2022 1:27 PM | Musing Out Loud |
| 8/5/2022 9:37 AM | THE FED FEELING BLUE |
| 8/4/2022 2:09 PM | BINGO |
| 8/4/2022 9:30 AM | Fed Shows True Colors |
| 8/3/2022 1:49 PM | Market Took Off |
| 8/3/2022 9:44 AM | WARRIORS…COME OUT AND PLAY |
| 8/2/2022 1:19 PM | Anxiety Easing |
| 8/2/2022 9:36 AM | WAVES OF BAD ECONOMIC DATA CAN’T BE IGNORED…OR DENIED |
| 8/1/2022 1:40 PM | Contraction Continues |
| 8/1/2022 9:26 AM | Thanks July…Now What About August? |
| 7/29/2022 1:33 PM | Tipping the Scale |
| 7/29/2022 9:44 AM | COULD A RECESSION BE OVER BEFORE IT STARTED? |
| 7/28/2022 1:12 PM | Shake The Trend |
| More commentary archives | |
|
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|