Afternoon Note
Solid session so far as buyers are spreading it around nicely this afternoon. Oil prices are drifting lower for the second day in a row after negotiations between Ukraine and Russia continues. The 2yr-10yr spread inverted for the first time since 2019. Historically, yield inversion is one of the most consistently indicators of a potential recession. Financials lost steam after the curve inverted.
S&P 500 Index |
+0.65% |
|
Communication Services XLC |
+1.37% |
|
Consumer Discretionary XLY |
+1.34% |
|
Consumer Staples XLP |
+0.07% |
|
Energy XLE |
-1.60% |
|
Financials XLF |
-0.20% |
|
Health Care XLV |
+0.06% |
|
Industrials XLI |
+0.02% |
|
Materials XLB |
-0.03% |
|
Real Estate XLRE |
+1.97% |
|
Technology XLK |
+1.07% |
|
Utilities XLU |
-0.12% |
The Russell 2000 continues to move higher, breaking above resistance but we would like to see more volume. This is a perfect test if it holds above 208.
Economic Data
Consumer Confidence report was in-line with consensus 107.2, but higher than last month’s 105.7. Present situation brightens but expectations continue to grow more pessimistic.
The jobs open and labor turnover report also known as JOLTS saw 11.3 million job openings in February. Quits rate edged up from 2.8% to 2.9% while layoffs rate was unchanged at 0.9%. Hiring rates rose to 4.4% from 4.3%.
All of this makes the Friday jobs report more intriguing. L
Tweet |
3/28/2024 7:50 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 |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
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