Afternoon Note
After a massive selloff yesterday, the markets have fluctuated between gains and losses in today’s session. The first rally attempt failed, which was expected. We are impressed there has been a second try, but still, nobody is taking the bait.
Treasuries are pulling back, but the 10-year note neared 1.9% earlier today. Commodities are also higher with Aluminum reaching a record high and above $3,000/tonne and Copper heading again towards $10,000/tonne.
A big move in the WTI market today with the soon to expire February contract (Friday) rallying quite a lot above the March contract.
Consumer Staples is leading in today’s session driven by Procter & Gamble’s (PG) earnings results this morning, which beat consensus and raised its full-year guidance.
S&P 500 Index |
+0.39% |
|
Communication Services XLC |
+1.29% |
|
Consumer Discretionary XLY |
-0.19% |
|
Consumer Staples XLP |
+1.15% |
|
Energy XLE |
-0.29% |
|
Financials XLF |
-0.81% |
|
Health Care XLV |
+0.54% |
|
Industrials XLI |
-0.07% |
|
Materials XLB |
+0.60% |
|
Real Estate XLRE |
+0.08% |
|
Technology XLK |
+0.53% |
|
Utilities XLU |
+0.93% |
It’s going to be interesting to see if this bounce settles into the close. Most indices are still under their 50-day moving average with Nasdaq within striking distance of a correction.
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4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
4/2/2024 1:16 PM | Under Pressure |
4/2/2024 9:49 AM | HIGHER PRICES & JOBS LOSS – “NO” ON FED BINGO CARD |
4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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