Afternoon Note
By Karina Hernandez, Senior Research Analyst
10/16/2024 1:31 PM
The only index slightly in the red today is the Nasdaq Composite, as Technology (XLK) stocks continue to be under pressure.
It is an ongoing rotation to small caps with the Russell 2000 being the best performer today. It is up 1.59% and testing its prior high in August.
Eight of eleven companies are in the green, with Utilities (XLU) coming out ahead of the pack, up 1.39%. Communication Services (XLC) was the worst performer, down 0.43%.
The Fear & Greed Index is still in Greed territory but is moving farther away from Extreme Greed.
Advancers are swamping decliners by a 4-to-1 margin at the NYSE and nearly 3-to-1 margin at the Nasdaq.
|
Market Breadth |
NYSE |
NASDAQ |
|
Advancers |
2,126 |
2,993 |
|
Decliners |
650 |
1,158 |
|
New Highs |
218 |
229 |
|
New Lows |
11 |
43 |
|
Up Volume |
1.22 billion |
2.25 billion |
|
Down Volume |
376.25 million |
767.7 billion |
On the economic front, for the second consecutive month export prices declined much more than import prices.
| Comments |
| I'm hearing a lot about tariffs and how they are a tax on consumers. That is somewhat true, but not entirely. There is a lot of economic analysis on the effect of tariffs and there is also real world econ reality of tariffs. Tariffs are a great negotiation tool to keep our econ enemies in line. For example, China has a distinct advantage over the US that the US does not have in China, and it is not just China. Tariffs are a mechanism to keep our econ on a level playing field with countries that take advantage of America. I can go on but I'll stop now for your sake. Tom Hall, Phoenx, AZ on 10/16/2024 6:07:17 PM |
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