Afternoon Note
The market continues to weigh several risk factors from inflation to the current situation in Ukraine. Regardless, the buy the dip mentality has taken hold in today’s action. The major indices are well-off the highs of the session with the S&P 500 continuing to dance around its 200-day moving average (4,475) since the start of the session.
All the sectors remain in green with Materials leading. Nucor (NUE), Mosaic (MOS) and Freeport-McMoRan each are up more than 3%.
S&P 500 Index |
+0.75% |
Communication Services XLC |
+1.12% |
Consumer Discretionary XLY |
+0.14% |
Consumer Staples XLP |
+0.30% |
Energy XLE |
+0.43% |
Financials XLF |
+0.70% |
Health Care XLV |
+0.69% |
Industrials XLI |
+0.38% |
Materials XLB |
+1.63% |
Real Estate XLRE |
+0.06% |
Technology XLK |
+1.52% |
Utilities XLU |
+0.20% |
Economic Data
On the economic front, March Markit PMI report continues to improve at 58.5, beating consensus of 54.7. New orders were stronger, but the rise in average prices charged for goods and services increased at nearly the fastest pace on record.
Kansas City Manufacturing composite came in better than expected and surged for third consecutive month. Prices paid spiked to 81, the highest since 2021, while backlogs and delivery times also rose. Employment and workweek dipped but are still expanding.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
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 |
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