Afternoon Note
The S&P is recovering from its morning loss and trading a little unchanged with six sectors showing midday gains, led by Materials.
Notably, the Energy ETF XLE is moving out of a range bound consolidation and broke above February’s highs.
On the economic front, the Consumer Sentiment reading hit its highest level since 2021, at 79.6, and slightly below consensus of 80. At the same time, Consumer Expectations for inflation for next year and the next 5-10 years edged higher to 3%.
Market breadth is showing nice resilience to the early selling efforts.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,195 |
1,862 |
Decliners |
1,583 |
2,243 |
New Highs |
182 |
181 |
New Lows |
13 |
55 |
Up Volume |
872 million |
1.55 billion |
Down Volume |
872.4 million |
1.45 billion |
The market is closed on Monday in observance of President's Day. Have a great weekend.
There will be no reports on Monday.
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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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