Afternoon Note
Factory orders slipped 1.6% after increasing 1.7% in December but beating consensus of a decline of 1.8%. A plunge in demand for civilian aircraft caused the drop; however, an increase in machinery and other products indicate that manufacturing could be regaining its footing.
Eight of eleven S&P 500 sectors are higher on the session, with Materials (XLB) stumbling hard. Information Technology (XLK) is at the top of the list, powered by semiconductors, which continue to come on strong. High Beta stocks are faring well once again.
Interestingly, breadth is negative in the NYSE and Nasdaq with more decliners than advancers.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,437 |
1,894 |
Decliners |
1,547 |
2,395 |
New Highs |
79 |
79 |
New Lows |
17 |
46 |
Up Volume |
1.04 billion |
1.63 billion |
Down Volume |
777.6 million |
1.02 billion |
The rally is losing steam as investors eye Powell’s testimony tomorrow.
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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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