Afternoon Note
It is a sea of red with the Nasdaq Composite leading the way lower, down 1.26%. The Street is bracing for volatility as we get closer to the November 5th election.
Today, only three sectors are in the green, with Real Estate (XLRE) in the lead, up 0.68%. Consumer Discretionary (XLY) is the largest decliner, down 1.25%. The second largest decliner is Technology (XLK), down 0.99% and contributing to the lagging tech heavy Nasdaq Composite.
The Fear & Greed Index is swinging closer to neutral, yet still in the Greed zone today.
The ten-year treasury yield (TNX) continues to rise today, up 0.90%, and broke its 200 MA at 4.17%. A rising 10-year Treasury yield could suggest investors expect persistent inflation, but it may also reflect portfolio adjustments away from bonds and into equity, or beliefs that the neutral rate is increasing. Also, a combination of factors could be contributing to the yield movement. We are monitoring this closely.
On the economic front, September Existing Home Sales hit a 14-year low. Chief Economist Lawrence Yun said, “Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”
Tesla (TSLA) third-quarter results are in focus and will be released after the bell today. The stock has been waylaid after posting results in three of the last four quarters.
Management missed the Street expectations in back-to-back quarters and earnings consensus has struggled to improve.
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Waiting for the shoe to drop! Lorin Kenfield on 10/23/2024 4:51:52 PM |
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