Afternoon Note
By Charles Payne, CEO & Principal Analyst
4/20/2023 1:35 PM
There was a slew of economic data this morning, coupled with earnings and guidance from corporate America, which underscores the fact the economy is slowing.
|
Economic Calendar |
Actual |
Estimate |
|
Initial Jobless Claims |
245,000 |
240,000 |
|
Philly Fed |
-31.3 |
-19.9 |
|
Leading Economic |
-1.2% |
-0.7% |
|
Existing Home sales |
4.40 million -2.4% |
4.48 million -2.0% |
The major indices are rebounding but still trading in red territory. Tesla (TSLA) is weighing down on the S&P 500 after highlighting an impact on margins from higher expenses and a round of price cuts.
Only 4 sectors are posting gains this afternoon, led by Consumer Staples, which is being helped by Costco (COST).
There are five Fed speakers today before the blackout period, which starts April 22 ahead of the Fed’s May 2-3 meeting.
| Comments |
| J Powell doesn't understand that you cannot save yourself rich? That is, he can do everything in the Feds power to shut down the economy, but he can't significantly control demand. We need to grow supply to meet demand - this is the only way out of the stagflation he will create and maintain until he's removed. Charles on 4/20/2023 2:02:13 PM |
| What's a Fed Chairman to do when his boss is ruining the economy? Jeffrey J. Riddell on 4/20/2023 3:36:22 PM |
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