Afternoon Note
When the market opened lower -due to hawkish remarks from Fed Powell over the weekend - there was an outside chance a benign ISM Non-Manufacturing number could spark a move higher. As it turns out, the number was much higher than expected, but prices paid rose to an 11-month high.
ISM Service
Employment
Unfortunately, prices paid - the inflation component - jumped far more than expected.
McDonald's (MCD) is the worst performer in the Consumer Discretionary sector after warning that lower-income consumers are pushing back on high prices. Health Care leads the outperformers, with Catalent, Inc. (CTLT) being the best performer after the company agreed to be acquired by Novo Holdings.
Market breadth is decidedly bearish with decliners outnumbering advances more than three to one.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
453 |
1,054 |
Decliners |
2,379 |
3,110 |
New Highs |
65 |
59 |
New Lows |
74 |
179 |
Up Volume |
315.3 million |
1.09 billion |
Down Volume |
1.62 billion |
1.85 billion |
Tweet |
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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