Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Market Mixed

By Karina Hernandez, Senior Research Analyst
5/18/2023 1:54 PM

The major indices found some upside momentum mid-morning following reports that House Speaker McCarthy said it’s possible a deal could come to the House floor next week. That momentum quickly dissipated, though, due to reports indicating a debt ceiling deal won’t be easy to reach.

Leading Economic indicators continue their decline, falling 0.6% in April, in-line with consensus. This marks the 13th straight monthly decline in the LEI, taking the trend further into negative territory.

A picture containing text, line, font, plotDescription automatically generated

Existing home sales continue to trend lower with March down and now April dropping 3.4% m/m and missing expectations of 3.2% drop.

A picture containing text, line, plot, diagramDescription automatically generated

Strong leadership from mega caps continues with Technology, Communication Services and Consumer Discretionary being in positive territory. Meanwhile, Real Estate and Consumer Staples are the worst performers.

A picture containing text, screenshot, number, fontDescription automatically generated

More Fed speakers are scheduled tomorrow as investors await Powell speech.



Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.