Afternoon Note
When the market opened lower -due to hawkish remarks from Fed Powell over the weekend - there was an outside chance a benign ISM Non-Manufacturing number could spark a move higher. As it turns out, the number was much higher than expected, but prices paid rose to an 11-month high.
ISM Service
Employment
Unfortunately, prices paid - the inflation component - jumped far more than expected.
McDonald's (MCD) is the worst performer in the Consumer Discretionary sector after warning that lower-income consumers are pushing back on high prices. Health Care leads the outperformers, with Catalent, Inc. (CTLT) being the best performer after the company agreed to be acquired by Novo Holdings.
Market breadth is decidedly bearish with decliners outnumbering advances more than three to one.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
453 |
1,054 |
Decliners |
2,379 |
3,110 |
New Highs |
65 |
59 |
New Lows |
74 |
179 |
Up Volume |
315.3 million |
1.09 billion |
Down Volume |
1.62 billion |
1.85 billion |
Tweet |
7/26/2024 1:36 PM | Friday Recovery |
7/26/2024 9:29 AM | WRAPPED AROUND YOUR FINGER |
7/25/2024 12:58 PM | A Look at GDP |
7/25/2024 9:57 AM | TURNING THE PAGE ON RESOLVE |
7/24/2024 1:49 PM | Vulnerable Market |
7/24/2024 9:47 AM | Mega Misses |
7/23/2024 1:04 PM | Lay Summer Session |
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7/22/2024 1:23 PM | Rebounding |
7/22/2024 9:47 AM | WILL THE HUNT FOR VALUE CONTINUE? |
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7/12/2024 9:48 AM | IT’S GOOD TO BE THE KING |
7/11/2024 1:25 PM | Equal Weight Comeback? |
7/11/2024 9:42 AM | CALLING ALL STOCKS |
7/10/2024 1:15 PM | Rally Broadens |
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