Afternoon Note
Well, the CPI dip didn’t last long. The major indices are higher today, but off the highs, as investors have settled into numbers being a “blip.” And perhaps it was. This morning, the Producer Prices (PPI) for final demand declined 0.2% m/m from the initial estimate of -0.1%. October and November remained unrevised. Core PPI, ex food and energy, dropped 0.1% compared to the initial flat reading.
Eight of the eleven sectors of the S&P 500 are positive with Industrials leading the way. Energy is the worst performer. WTI is below $78 per barrel after the EIA data released show an increase in supply of 12 million barrels. Gasoline and distillate stockpiles saw outflows, however. Meanwhile, Natural Gas has fallen to a 3 ½ year low, down another 4% today to $1.61/MMBtu.
Three of our favorite metrics are all positive today.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,204 |
3,037 |
Decliners |
608 |
1,065 |
New Highs |
75 |
81 |
New Lows |
29 |
68 |
Up Volume |
1.29 billion |
2.23 billion |
Down Volume |
465.10 million |
647.55 million |
On the housing front, mortgage applications declined 2.3% last week from the prior week, pressured by an increase in rates.
Applications:
Tweet |
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 |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 PM | Musk Rides Back to the Mag Seven |
4/29/2024 9:50 AM | DIE BY THE SWORD, PROSPER BY THE SWORD |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
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