Afternoon Note
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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3/31/2023 1:37 PM | Leaving the Station |
3/31/2023 9:37 AM | BRACING FOR INFLATION |
3/30/2023 1:54 PM | Losing Some Steam |
3/30/2023 9:36 AM | A FUNNY WAY OF BEING AFRAID |
3/29/2023 1:37 PM | Bottom Fishers |
3/29/2023 9:41 AM | TOO CALM AND COMPLACENT? |
3/28/2023 1:31 PM | No Fireworks |
3/28/2023 9:47 AM | TIME MACHINE RALLY |
3/27/2023 1:34 PM | Holding Pattern |
3/27/2023 9:59 AM | SUDDENLY, BULLISH IS WHERE IT’S AT |
3/24/2023 1:25 PM | Magical |
3/24/2023 10:14 AM | YELLEN’S TWO-STEP TRIPS UP THE MARKET |
3/23/2023 1:14 PM | Embarrassing Snafu |
3/23/2023 9:37 AM | GOVERNMENT OFFICIALS PROTESTING TOO MUCH |
3/22/2023 1:23 PM | All Quiet |
3/22/2023 9:42 AM | THE MOMENT OF TRUTH #1,309 |
3/21/2023 1:12 PM | Lots of Questions |
3/21/2023 9:49 AM | WHAT’S INSIDE POWELL’S CRYSTAL BALL? |
3/20/2023 1:58 PM | All Over the Place |
3/20/2023 9:36 AM | FED COUNTDOWN BEGINS |
3/17/2023 1:45 PM | Banks Remain Vulnerable |
3/17/2023 9:54 AM | FED VS THE FED (IT’S COMPLICATED) |
3/16/2023 1:27 PM | Another Crazy Day |
3/16/2023 9:53 AM | THRILL RIDE |
3/15/2023 1:43 PM | Economic Data Overshadowed |
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