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Morning Commentary


By Charles Payne, CEO & Principal Analyst
7/3/2024 9:38 AM

Yesterday was one of the best sessions of the year, not because of the move, but because of how the market moved without Nvidia (NVDA). Not only that, but comments from President Biden also hit drug stocks.

Tesla (TSLA) led Consumer Discretionary (XLY) higher, followed by Financials (XLF), and Communication Services (XLC).

The gains were not rare, but seeing each box in the green was a rare sight.

The beast of the market continues to enjoy a monster year.

But it was refreshing to see new names among the biggest advancers.

Small-Caps Stealth Move

Suddenly, mid-caps are under short-term pressure, as the iShares Russell 2000 ETF (IWM) made a noticeable move.

The Russell is still at a historic underperformance against the S&P 500, but this is a great sign.

Happy Birthday, America!

No Afternoon Note.

Charles, I greatly enjoyed your smackdown of Liz Claman yesterday. She can come with some incredibly ridiculous takes, smh.

Michael Supplee on 7/3/2024 12:30:49 PM

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