Afternoon Note
Industrial production was cooler-than-expected at -0.1%m/m; consensus 0.0%m/m. The soft number combined with the weak retail sales this morning is possibly a relief for bonds and stocks, which have been worried about a no landing scenario.
Homebuilder Sentiment Float
The National Association of Homebuilders (NAHB) Sentiment came in at 48 from 44 in the prior month against Wall Street’s consensus of 46. Prospective buyer traffic expected sales, and current sales increased.
Energy and Real Estate sit at the top of the leaderboard as yields slip, while weak leadership from mega-cap names are dragging down Technology this afternoon.
Breadth is decidedly bullish.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,254 |
2,855 |
Decliners |
545 |
1,295 |
New Highs |
182 |
191 |
New Lows |
14 |
58 |
Up Volume |
1.73 billion |
2.78 billion |
Down Volume |
397.4 million |
1.08 billion |
Tweet |
5/2/2024 7:23 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 |
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 |
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