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Afternoon Note

So Far So Good

By Charles Payne, CEO & Principal Analyst
6/5/2023 1:33 PM

It’s been a pedestrian session thus far, but that only proves stocks are in strong hands.  Major Wall Street firms came out swinging this morning. 

Mega cap names reversed the pre-opening weakness to edge higher, as traditional haven sectors stumbled, except Utilities, which are rocking today.

I’m digging the action in Materials but a little dismayed with Industrials.

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The same firms that have been trying to scare the heck out of investors all year long appear to be the ones panicking.

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Meanwhile, there are more signs the economy is slowing. The ISM Service report was much weaker than even the headline miss suggests.

US Service ISM:

- Index 50.3 (last 51.9)

- New orders 52.9 (last 56.1)

- Price paid 56.2 (59.6)

- Employment 49.2 (50.8)

- Exports 59 (60.9)

-Supplier deliveries 47.7 (48.6)

- Backlogs 40.9 (49.7)

- Inventory sentiment 61 (48.9)

So far so good but the week is early. 


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