Morning Commentary
Wall Street will say that ‘greed’ is back, but I think the better description is resolve. After stumbling in March, the market continues to find ways to move higher, especially on days when it opens lower. So, while ‘fear’ isn’t as high as it was a year ago, there is no way ‘greed’ is the invisible hand at work.
Yesterday was another example of resolve kicking in. Major indices slumped at the opening bell, but buyers emerged with an hour remaining in the session.
The gains weren’t impressive, but it’s hard to ignore there is demand for stocks on weakness. Yep, buy the ‘dip is back’ – big time.
Marching Higher Since March
The interesting part of the market is what worked yesterday fails today, and what failed yesterday might lead the way today. \
Focus on Banks and Netflix
Banks rebounded as there was only one loser in the batch yesterday. Big names report today, including Bank of New York Mellon (BK), Bank of America (BAC), and Goldman Sachs (GS).
Although banks act better, the KBW Bank Index (BKX) is languishing near recent lows.
All eyes will be on Netflix (NFLX) when it reports after the bell today.
Focus in Google
Suddenly, Google (GOOGL) is at risk of being pushed off its pedestal. Despite all the advantages and resources, the company was caught flat-footed on Artificial Intelligence (AI), and now rumblings that Microsoft (MSFT) is poised to seize the moment are gaining credence.
This is a wild story, and it’s hard to believe any company could become that complacent.
In addition to earnings reports, the economic calendar picks up as well.
Portfolio Approach
We took profits in a position in Materials in our Hotline Model Portfolio. If you are not a current subscriber to our premium Hotline service, email your account representative or Info@wstreet.com to get started today.
Today’s Session
The market is higher this morning, boosted by bank and investment bank earnings. Bank of America (BAC) is higher after beating consensus on top and bottom line.
BAC Results
Some of the bullish sentiment this morning was dented following Goldman Sachs results, which came lighter-than-expected. A $470 million hit from its Marcus loans dragged down the first quarter’s revenues.
Earnings results are proving to be resilient, as the Street focuses on how companies are holding up amid rising interest rates and persistent inflation.
Tweet |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|