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Afternoon Note


By Charles Payne, CEO & Principal Analyst
8/4/2022 2:09 PM

It is a relatively calm day, with the Nasdaq headed higher, but off the high, the S&P 500 flat,and the Dow lagging.  Investors are continuing to mull over earnings reports and take in news from Central Bank rate hikes around the world. The Bank of England raised rates 50 basis points today, making this the largest increase since 1995.  

Amazon (AMZN) is a clear stand out, up around 2% today to $142.76, but it has gained almost 40% since the June 14 low closing price of $102.31. Walmart's (WMT) woes continue, and the stock is down over 3% on news it is laying off 200 corporate employees.  

Four of the 11 S&P 500 sectors are in the green.  Consumer Discretionary is the best performing sector, helped in part by MGM Resorts (MGM) on the back of their earning’s report.  

Energy is underperforming.  WTI has dipped below $90, down 2.75% to $88.16, as demand fears from economic uncertainty pressures the commodity and drives the price down.  Prices at the pump are coming down as well.  The national average price for a gallon of gasoline is down to $4.21 as of August 1, lower by 15 cents from the prior week.  It is still, however, significantly higher than the $3.17 in the prior year period.

The breadth on the Nasdaq is impressive today. This morning, we said there was a chance we would see more new highs than lows on the Nasdaq.  Bingo.  Additionally, up volume is almost 2-1 the down as well. 

Market Breadth









52 Week High



52 Week Low



Up Volume



Down Volume



More Fed speak today, with the latest from Loretta Mester, who continues to say, “we are not in a recession,” but the risk is rising.  She indicated that rates could be around 4% by the end of year, but there is a chance that the Fed may change their outlook at the September meeting. Mester added that the Fed may potentially pause in the second half of 2023. She does believe rates will be around 4% by the end of the year. 

All eyes are on tomorrow’s job report, adding more data points for all the talking heads, including the Fed.  Stay tuned.


I'm so impressed with you Charles Payne. I truly believe your desire is for me and all others to "make money". Your excitement to help me and others is a rarity. I appreciate your commentary, your chart school, your total interest in helping the little guy gain a better understanding of the market. I always look forward to your 2PM Fox News "Making Money with Charles Payne".

Steve on 8/4/2022 2:47:08 PM

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