Yesterday was tough sledding, but Communication Services (XLC) and Technology (XLK) kept the S&P 500 buoyant.

Growth barely eked out a gain. The rest of the extended factors all finished in the red, with small-cap value and revenue deeper in the red.

Eclectic Bunch at the Top

Leadership was a hodgepodge of beaten-down names and budding juggernauts like Go Daddy (GDDY). Investors are bottom fishing, but mostly when there’s news.

Heat Map

Tesla (TSLA) shares came in for a pitstop, but other “Mag Seven” names stepped up, including Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL).

Right now, the United States has become a juggernaut against the rest of the world, living up to the image of the Great Seal of the United States.

The U.S. seal contains three Latin phrases: E pluribus Unum ("Out of many, one"), Annuit coeptis ("He has favored our undertakings"), and Novus ordo seclorum ("A new order of the ages”).

See the surge in the S&P 500 versus the all-world index, excluding the United States.

And look at the U.S. Dollar Index (DXY) versus other currencies.

We are seeing the U.S. in a stronger light.

Meanwhile, the election outcome has seismically impacted how global fund managers see the world.  Check out the strong moves in key categories since October.

• Overweight U.S. equities.
• Expect a strong U.S. economy.
• No Landing.

Inflation Read

The Street put the Consumer Price Index (CPI) report to bed not long ago under the assumption that inflation was drifting to the Fed’s target. That might not be so. Moreover, even the slightest uptick is an uptick for the public.

If Truflation is correct, we could get a surprise to the upside with the CPI report.

Today’s Session

CPI came in right at consensus for both headline and core.

CPI airfares saw a large jump in October while fuel oil dropped sharply.

Most major indices are moving slightly higher, with the Russell 2000 coming out ahead, and the Nasdaq lagging.

Bitcoin continues higher, passing the $90,000 level.

The Ten-Year Treasury Yield (TNX) gave back some gains coming down by 6.5 bps

Comments

Charles Payne DBG on 11/13/2024 5:08:18 PM

Charles Payne for The United States secretary of the treasury!!! Dean & Jeanne Foster on 11/18/2024 11:24:06 AM

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