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Afternoon Note

Resilient

By Charles Payne, CEO & Principal Analyst
3/3/2023 1:41 PM

ISM Services PMI was relatively flat in February, yet quote robust, to 55.1 from 55.2 in January.  Still, it toppled consensus for 54.5.  This was music to many investors ears as the economy remains resilient and US businesses continue to grow.

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Highlights:

According to Anthony Nieves, the ISM Chair, “Business Survey Committee respondents indicated that they are mostly positive about business conditions. Suppliers continue to improve their capacity and logistics, as evidenced by faster deliveries. The employment picture has improved for some industries, despite the tight labor market. Several industries reported continued downsizing.”

The markets liked what they saw and took off and really haven’t look back.  Ten of the eleven S&P 500 sectors are in the green with Consumer Staples the lone decliner.

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Advancers are toppling decliners as is the up volume, as yet again, buyers are showing sellers who is in charge.

Market Breadth

NYSE

NASDAQ

Advancers

2,421

2,919

Decliners

591

1,352

New Highs

102

80

New Lows

16

51

Up Volume

1.63 billion

2.34 billion

Down Volume

351.03 million

617.01 million

Have a great weekend. 


 

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