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Afternoon Note

Halo Effect

By Charles Payne, CEO & Principal Analyst
5/28/2024 1:23 PM

The rally continues for Nvidia (NVDA) and its halo effect. 


The S&P is higher, but not all the oars are moving in the same direction. 

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The debate continues on the true state of the economy, especially on a granular level.  Economists and the financial media insist “the consumer” is doing great, when most consumers are saying they are not doing great.

Even with today’s Consumer Confidence Index coming in above consensus, and the prior month, the longer-term trend has been down. 

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I suspect the street was hoping for a miss on Consumer Confidence to get the Fed in play.

Consumer confidence is up? I still get a gut punch at the grocery, the gas pump, the fast food drive thru, and even my homeowners insurance went up 35%. I think consumers are weary and now accepting the fact prices are high and that's just the way it is...until we get a President who can get this under control.

Bill Frohberg on 5/28/2024 2:12:55 PM

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