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Afternoon Note

Technology Keeps Winning

By Charles Payne, CEO & Principal Analyst
6/5/2024 2:03 PM

The S&P 500 and Nasdaq Composite are up sizably today.

The winning sectors are Technology (XLK), as Nvidia (NVDA) continues to rally and CrowdStrike (CRWD) beats on its earnings. The runner ups are Communication Services (XLC) and Industrials (XLI). The biggest loser of the day is Consumer Staples (XLP).

The Technology rally can also be seen in the iShares Semiconductor ETF (SOXX).

Oil Goes Lower

OPEC hinted that they may not continue their production cuts which pegged the price of oil to $70  a barrel. This combined with the recent sharp decline in 10 year yield has seen oil falling from its recent peak. This could be a good omen for the market, interest rate policy, and future inflation readings. 


The Non-Manufacturing Purchasing Managers Index (PMI) index came in above forecasts at 53.8 for May, topping consensus of 51.8, indicating strength in the non-manufacturing sector of the economy. 

Global Manufacturing PMI also came in above 50 indicating growth in those sectors as well. This is another potential good omen for the market. 

New Exchange

BlackRock (BLK) and Citadel announced they are going to start a new Texas based stock exchange, perhaps moving the Street down south.


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