Morning Commentary
Friday was a challenging session for the market, with mega-cap names slipping. Retailers were higher, including Walmart (WMT), which posted its financial results today.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
935 |
1,619 |
Decliners |
1,875 |
2,656 |
New Highs |
198 |
228 |
New Lows |
15 |
64 |
Up Volume |
1.47 billion |
2.08 billion |
Down Volume |
2.32 billion |
3.11 billion |
Materials (XLB) continue to hint at a big move. It will be the largest beneficiary of IRA cash (see chart).
Sector Watch: Materials
The sector also got a spark from financial results from Vulcan Materials (VMC).
The S&P 500 Materials Sector (XLB) has zoomed past its 50-day moving average and could be on the cusp of a monumental breakout.
This sector has lots of value, which has seen lots of false starts but seems to have the wind in its sails now.
Today’s Session
Walmart (WMT) is out with results this morning that beat on top and bottom lines. International business is on fire and e-commerce is holding up well.
I broke out US comp sales, which continues to decline sequentially.
The biggest red flag is the average ticket without fuel was down 0.3%.
The stock is making a strong move ahead of the open.
More broadly, the market will open cautiously after an extra day might have had a sobering effect on some.
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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