Afternoon Note
By Karina Hernandez, Senior Research Analyst
5/11/2023 1:40 PM
This morning’s, somehow relatively pleasing economic data has been overshadowed by ongoing concerns about growth, debt ceiling uncertainty and angst about regional banks. About the latter, the regional bank index (KRE) has been exactly one day in the green so far, the pain is not over.
Strength in the mega cap stocks has boosted Nasdaq and Communication Services (XLC) into positive territory. Alphabet (GOOG/L) continues its strong momentum following yesterday’s Developers Conference. Amazon.com (AMZN) continues its run after clearing resistance.
Decliners leading advances, most notable at NYSE with an almost 3-to-1 margin.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancers |
819 |
1,529 |
|
Decliners |
2,073 |
2,667 |
|
New Highs |
26 |
62 |
|
New Lows |
73 |
182 |
|
Up Volume |
535.14 million |
1.30 billion |
|
Down Volume |
1.33 billion |
1.24 billion |
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