Afternoon Note
The market is under pressure from a series of news.
Healthcare stocks have been hammered as Medicare advantage rate falls short of Wall Street Expectations.
Apparel stocks are taking it on the chin after PVH Corp. (PVH) laid an egg with its earnings results last night (-24%).
Higher gasoline prices are hurting Consumer Discretionary names like cruise ship operators
Speaking of higher gasoline, bond yields continue to move higher with the ten-year gapping above a key resistance point.
Technically, the next level could be toward the gap at 4.70%.
Economic Data
Factory orders came in higher than expected and that also nudged the goalpost a bit, moving Fed rate cuts out.
Despite the early swoon, the selling has been orderly; although, once a specific stock is out of favor the hammer comes down hard and fast.
Comments |
Hey Charles, loved you show today. If you weren't aware, the EV credit of $7500 is a crock. My son bought a Tesla M3 last year, got the Clean Full Report (Form 15400) that said he's eligible for $7500 but after doing his taxes, he's only getting $3300 credit. The 2023 IRS rules are based on his tax bill -- how much he owes in taxes. Hence, for the low income earners (below $50K/yr) or those that don't owe taxes, they'll never receive half the advertised credit, if any at all. #baitandswitch #firetheIRS Phil Watson on 4/2/2024 3:57:48 PM |
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