Wall Street Strategies
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Afternoon Note


By Karina Hernandez, Senior Research Analyst
4/16/2024 1:35 PM

Major indices continue to hover around the unchanged level, with only three sectors holding modest gains.

Consumer Discretionary is being dragged down by Tesla (TSLA). The stock is down 3.6%, trading at the lowest level seen since April 2023.

Higher Bond yields continue to be the bigger threat to the stock market.

On the economic front, housing data came in weak in March, with housing starts at 1.32M vs. consensus 1.49M and permits of 1.46M vs. consensus 1.51M.

Industrial production was higher for the second consecutive month at +0.4%m/m vs. consensus +0.4%, driven by a larger-than-expected increase in factory output.

We are waiting to hear from Jay Powell.


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