Afternoon Note
By Karina Hernandez, Senior Research Analyst
3/2/2023 1:51 PM
Yields are breaking out with the 10-year note rising above 4%, which is weighing down Technology. Hawkish comments from Federal Reserve speakers and stronger-than-expected economic data have increased expectations for higher rates. According to the CME FedWatch Tool, the probability of a 50-basis-point hike is now 33.6%, up 27% from a week ago.
Weak leadership from mega-cap Amazon (AMZN) and Tesla (TSLA) are adding pressure to Consumer Discretionary, making it the worst performer this afternoon.
Very intriguing breadth this afternoon, Up/Down volume on Nasdaq is positive by quite a bit.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancers |
1,191 |
1,708 |
|
Decliners |
1,828 |
2,631 |
|
New Highs |
56 |
72 |
|
New Lows |
46 |
146 |
|
Up Volume |
957.32 million |
1.76 billion |
|
Down Volume |
1.23 billion |
1.51 billion |
More earnings after the bell, with Costco (COST) reporting. Investors will be eyeing near-term guidance, especially after cautious guidance from Walmart (WMT) last week.
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| 3/24/2023 1:25 PM | Magical |
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| 3/22/2023 1:23 PM | All Quiet |
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