Afternoon Note
A mixed market is kicking off this holiday shortened week. Investors are reacting to news over the weekend that President Biden and House Speaker McCarthy reached a debt ceiling deal; however, uncertainty remains until the deal passes Congress.
On the economic front, Consumer Confidence and Expectations fell again in May, dragged down by a decline in how Americans perceive the job market.
|
Conf. Board |
Actual |
Consensus |
Prior |
Revised |
|
Consumer Confidence |
102.3 |
99.0 |
101.3 |
103.7 |
|
Present Situation |
148.6 |
-- |
151.1 |
-- |
|
Expectations |
71.5 |
-- |
68.1 |
-- |
Another disappointing data report, Dallas Fed Manufacturing Survey, contracted for the thirteenth straight month. Economists were expecting a bounce in May (actual -29 vs. consensus -18), but it didn’t happen.
The respondents’ remarks say it all:

Four sectors in the S&P 500 are hanging onto gains, while seven are trading lower with Energy and Consumer Staples down more than 1.1%.

NVIDIA (NVDA) rallied over 5%, hitting a $1 trillion market cap this morning after CEO Jensen Huang unveiled a host of new AI-related products and services yesterday.
| Tweet |
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| 4/2/2026 9:35 AM | LIFTOFF |
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| 4/1/2026 9:33 AM | OILING THE SPRINGS |
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| 3/31/2026 9:34 AM | SHOOTING GALLERY |
| 3/30/2026 1:36 PM | Mixed Monday |
| 3/30/2026 9:37 AM | THE NEXT PHASE |
| 3/27/2026 1:26 PM | Waiting for The Dust to Settle |
| 3/27/2026 9:59 AM | STRESSED & FATIGUED |
| 3/26/2026 1:54 PM | Thursday Dip |
| 3/26/2026 9:42 AM | LOOKING FOR LEADERSHIP |
| 3/25/2026 1:42 PM | Facing Resistance |
| 3/25/2026 9:28 AM | Good Retry |
| 3/24/2026 1:27 PM | Participation Broadens |
| 3/24/2026 9:38 AM | GOOD TRY |
| 3/23/2026 1:20 PM | Market Over Sold |
| 3/23/2026 9:53 AM | OVERSOLD SIGNALS ABOUND |
| 3/20/2026 1:20 PM | From the Strait to the Street |
| 3/20/2026 9:45 AM | SIGNS OF LIFE |
| 3/19/2026 1:25 PM | Continued Pressure |
| 3/19/2026 9:44 AM | MIC DROP |
| 3/18/2026 1:44 PM | Facing Pressure |
| 3/18/2026 9:43 AM | STILL TEPID |
| 3/17/2026 1:27 PM | Continued Resilience |
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