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Afternoon Note

Didnít Break Down

By Karina Hernandez, Senior Research Analyst
4/18/2024 1:37 PM

The S&P 500 faded at the open, as usual, but it didn’t break down thanks to early strength in most sectors.

The Russell 2000 is bouncing off support, but it is still an ugly situation.

Communication Service is the best performer driven by strong gains from Meta Platforms (META).

Existing home sales

Leading Economic index reversed lower in March -0.3%m/m vs. consensus -0.1%.


March existing home sales were -4.3% m/m vs. consensus -4.1%, and +9.5% in February. Despite this weak report, homebuilder stocks are rebounding nicely in today’s action following D.R. Horton’s (DHI) better-than-expected Q2 results.

Netflix (NFLX) is reporting after the bell.  Let’s see what they say about the consumers' appetite for spending. 



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