Afternoon Note
More Disappointing Data
By Charles Payne, CEO & Principal Analyst
4/4/2023 1:15 PM
There was more disappointing economic data out today after the opening bell. The JOLTs report saw 9.93 million job openings, down from 10.8 million. The street was looking for 10.5 million.
Note: this is the one of the largest two-month declines in history, ranking up there with the start of the pandemic.
And factory orders declined for the third time in four months.
Eight sectors are trading in the red with the Energy sector giving up some of the massive gains from yesterday.
Market breath is weak, although there are more new highs in the NYSE.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancers |
691 |
1214 |
|
Decliners |
2276 |
3015 |
|
New Highs |
45 |
70 |
|
New Lows |
31 |
195 |
|
Up Volume |
572.9M |
651.8M |
|
Down Volume |
1.57 billion |
1.64 billion |
| Comments |
| With the jobs report, one thing I don't understand is why there is not more analysis about how the poor jobs report might be related to how much more poorly small business are doing than are the Dow and S&P businesses. The losses in the Russell 2000 are much greater than the other indices. Perhaps the explanation is as simple as that small businesses are hurt much more by inflation than are big businesses, but I wish there were more analysts addressing it. David Lee on 4/4/2023 5:14:33 PM |
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