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Afternoon Note

Setting the Mood

By Charles Payne, CEO & Principal Analyst
5/24/2024 1:35 PM

Stocks are gaining ahead of the long holiday, on account of Memorial Day. The S&P 500 is on track to extend its four-week win streak to five.  

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Deckers Outdoor Corp. (DECK) is the top performer in the S&P 500 and Consumer Discretionary (XLY). DECK was recently added to the S&P 500 back in April, but I think they could have added Deckers five years earlier.  

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The latest consumer report set the mood today. The final reading was revised upwards to 69.1, from 67.4 in the preliminary reading, yet it is the lowest in five months.

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Despite the sour number, traders are evenly split on whether the Fed will cut rates at its September meeting. 

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This Memorial Day weekend is a reminder that so many have sacrificed so much for our freedom and opportunities to embrace the American Dream. 

Have a great Memorial Day. 


Comments
A rate cut could only be driven by politics and not logic at this point. My bet is on BidenOptics!

JayBee on 5/27/2024 8:33:32 AM
 

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