Afternoon Note
The S&P is cruising into its fourth record close of this year, but it’s the Nasdaq that continues to rocket higher.
Technology is the best performer with heavily weighted stocks reaching new 52-week highs today, including Meta Platforms (META), Amazon.com (AMZN) and Alphabet (GOOG).
Flash PMI came in slightly above the consensus and remains in expansion at 52.3. The services reading of business activity rose to a seven-month high of 52.9 from 51.4 in December, while the manufacturing gauge of output rose to a 15-month high of 50.3 from 47.9 previously.
Semiconductors are seeing incredible strength and pushing back up to new highs.
All eyes continue to be on earnings. After the bell, we get results from Tesla (TSLA), whose reaction hasn’t been so great.
TSLA Earnings Reactions |
1-Day |
1-Week |
Oct 2023 |
-12.5% |
-9.3% |
Jul 2023 |
-9.5% |
-10% |
Apr 2023 |
-15.5% |
-10.5% |
Jan 2023 |
+25.4% |
+10.8% |
Ugly 5-year auction is sending stocks off highs.
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5/16/2024 1:23 PM | Dow 40,000 |
5/16/2024 9:40 AM | AUTOPILOT FEELS SO GOOD |
5/15/2024 1:53 PM | New Hope |
5/15/2024 9:41 AM | CHAMPING AT THE BIT (INVESTORS BEGINNING TO CHASE) |
5/14/2024 1:24 PM | Small Moves |
5/14/2024 9:22 AM | Marking Time |
5/13/2024 1:37 PM | Snuffed Out |
5/13/2024 9:37 AM | BRACING FOR MORE INFLATION DATA |
5/10/2024 1:23 PM | Cold Water |
5/10/2024 9:58 AM | IN TUNE |
5/9/2024 1:09 PM | Disconnect |
5/9/2024 9:39 AM | THE SEVENTH (TRADING) DAY OF MAY |
5/8/2024 1:49 PM | Mixed Note |
5/8/2024 9:37 AM | CHANGING NARRATIVES |
5/7/2024 1:50 PM | Building Gains |
5/7/2024 9:36 AM | HOPING MICKEY SAVES THE DAY |
5/6/2024 1:59 PM | Rate Cut Hopes |
5/6/2024 9:17 AM | LOOKING FOR MOMO TO KICK BACK IN |
5/3/2024 1:41 PM | Cheering the News |
5/3/2024 7:33 AM | TIM COOKS THE (RECORD) BOOKS |
5/2/2024 1:54 PM | Holding Up |
5/2/2024 9:41 AM | COOL HAND POWELL |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
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