Afternoon Note
The market is reversing earlier losses but still flat on a busy day of headlines related to earnings, economic data, and the conflict in the Middle East.
The S&P 500 is filling up the September 21 gap and getting closer to its 50-day moving average.
Yields also soared after a couple of strong economic data points about consumer spending and increased manufacturing output.
Industrial production rose 0.2% to 79.7% in September, increasing for a third straight r. Capacity utilization for manufacturing and mining moved up, while utilities fell back.
The NAHB Housing market index showed homebuilder optimism falling for its third consecutive month in October.
Traffic of prospective buyers, present conditions and future expectations came in at the lowest levels since January.
Technology is the down today, partially driven by weakness in semiconductors. NVIDIA (NVDA) is the top laggard after news that the US will put more restrictions on China’s ability to purchase advanced semiconductors.
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11/13/2024 1:21 PM | Rate Cut Bets |
11/13/2024 10:01 AM | RENEWED HOPE FOR PEACE & STRENGTH |
11/12/2024 1:33 PM | Profit Taking Tuesday |
11/12/2024 9:47 AM | FLAME ON |
11/11/2024 1:07 PM | Tired Rally |
11/11/2024 9:49 AM | The Markets Are Pumped |
11/8/2024 1:04 PM | Stellar Week |
11/8/2024 9:47 AM | POWELL GETS TOUGH (WITH TRUMP, NOT INFLATION) |
11/7/2024 12:57 PM | Rate Decision |
11/7/2024 9:55 AM | THE SWAGGER IS BACK |
11/6/2024 1:25 PM | Trump Trade Bonanza |
11/6/2024 9:47 AM | Election Rally |
11/5/2024 12:54 PM | Holding the Script |
11/5/2024 9:50 AM | VOTE, AMERICA |
11/4/2024 1:32 PM | Election Fear |
11/4/2024 9:55 AM | THE CANARY SQUAWKS |
11/1/2024 1:10 PM | Lots of Excuses |
11/1/2024 9:33 AM | LEAD BALLOONS |
10/31/2024 1:52 PM | Difficult Sledding |
10/31/2024 10:01 AM | TOO COCKY? |
10/30/2024 1:45 PM | Check Time |
10/30/2024 9:44 AM | GENERALS LEAD…KEEP UP IF YOU CAN |
10/29/2024 1:47 PM | All Eyes on Google |
10/29/2024 9:09 AM | DJT SETS THE PACE |
10/28/2024 1:43 PM | Busy Week |
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