Does this look like a snapshot (below) of a stock market that’s losing steam?

Yesterday, large-cap stocks fared well, but midcaps fared better as the stealth rally continued.

It’s not the same as The Beatles breakup, but the ‘Mag Seven’ continues to splinter as Nvidia (NVDA) and Meta (META) keep chugging along while the rest struggle.

There were lots of nuggets in the Fed’s Beige Book, especially from community perspectives:

New York

Cleveland

Atlanta

Mentions of the recession continue to ease, although they are still higher than one would imagine, considering the aggressive action taken by Powell & Co.

Just as we learned Commercial Real Estate (CRE) jumped and Jay Powell was saying small banks were “fine,” the shares of New York Community Bank (NYCB) went haywire.

The shares of NYCB were down close to 50%, but then word of a $1.1 billion package, led by former Treasury Secretary Steve Mnuchin, turned the stock around.

Even when NYCB looked like it would bite the bullet, the market held up well, even Financials (XLF).

Today’s Session

Economic data came mostly as expected this morning, but continuing jobless claims are approaching a key milestone of 2,000,000.

Individual investor confidence over 50% typically scares Wall Street, but the experts ae too busy catching up to notice. 

Comments

Not at all worried. Biden's policies are totally responsible for the inflation. John A Logan on 3/7/2024 9:52:11 AM

President Biden is a disgrace as a leader and an American. His actions are all about him trying to get re-elected and ignore or harm the country he is sworn to protect. Let’s hope the November election gives us Trump, who puts America first. Dick Denecker on 3/7/2024 9:53:36 AM

Very. I was in Russia post communism, and China and Czechoslovakia during communism. This is the goal of Biden, Warren and Sanders - total government control. Many Americans don’t know how lucky they are to have our economy and our country. sherri fries on 3/7/2024 10:07:09 AM

I'm not worried...it will amount to a waste of time because the 'task force' will find nothing to support the claims of greediness. At the same time, I am very annoyed because this this plays to those with a socialistic tendency. It's the same tired message put out by democrats who have a flawed belief system where they do not accept the concept that the free market will not allow greediness to go unchallenged and where they believe they know better than the free market. I just wish more people were familiar with Hayek and Adam Smith, who have shown us otherwise, so this tired message would fall on deaf ears and incite indignance at being told to doubt our lying eyes. Ric Walter on 3/7/2024 10:25:03 AM

Businesses are having to pass on all the costs from ever increasing minimum wage increases, government requirements and taxes. If they can't make a profit, they, the businesses can't provide services and goods. If the government would quit increasing regulations and controls on business costs would go down. Elect Trump! Lorin Kenfield on 3/7/2024 10:29:35 AM

Inflation is killing our country, just look around. Everywhere you look, especially in big cities, infrastructure is in ruins, streets are a mess, there is trash and homeless everywhere. People are struggling. I'm very concerned with the proposed hike on corporate taxes, up to 28%. The U.S. is the most taxed nation in the world. What does America get for those taxes? A lot of our money goes to other countries, several that hate America and what we stand for. The administrative state is giving our money to the illegals pouring over our borders, and those they fly in directly. What do we, the American people get for our money? What nation taxes their people and sends money to America? Get out and vote for change. Save our great nation. Art B on 3/7/2024 10:34:17 AM

Biden's policies are responsible for inflation with energy being a large part of it. I think all those who support Biden should show their support for his policies by only eating food that has gotten to them without the use of fossil fuel to produce or transport it. David E. Klein on 3/7/2024 11:06:28 AM

Somewhat worried. So many accept the greed message and critical thinking skills (and Civics) are de-emphasized in our schools. But all is not lost. As the Boomers retire, Millennials are starting catch on hard work pays off! If we trained them well enough, they’ll empower their children and continue the American Dream🇺🇸 Julie D on 3/7/2024 11:26:57 AM

When politicians point a finger it inevitably should point at them. Donald M Lauro on 3/7/2024 11:50:54 AM

I am also very concerned about the total Democrat War on Capitalism. Every thing they talk about is nothing but Propaganda to fuel their take-over of the United States and promote their World order. Vernon Foster on 3/7/2024 2:17:00 PM

LOL! Yes it was the free money that is causing many problems. It isn't that Biden was the only one, Trump gave away free money also. Both of them were buying votes, not helping anything. Short term sugar high and deal with the pain later. Or, in Biden's case, keep up the free money for whatever other dumb idea he has. Kevin Scott Fugate on 3/7/2024 2:49:03 PM

Depends on who wins the White House. If Biden does, then sure, I am very worried. Leelee on 3/7/2024 2:51:12 PM

Not worried. American business owners are much smarter and more powerful with the American people than our goofball President. Cristy on 3/8/2024 8:22:39 AM

I am very concerned about the continual Biden Admin war on fossil fuel and corporations. Their anti-business policies contribute to the pressure on earnings and margins. The end result is higher prices and lower unemployment in the future if not stopped. The current Admin is guilty of economic malpractice. They do not understand the effects of excessive spending and regulations...or they do and it is nefarious by design. God bless America. Tom Hall on 3/10/2024 6:57:50 PM

Dems have always used corporations as their Boogieman especially when their policies are failing. If it isn't corporations it's the rich as they pitch class envy and seek to divide Americans. Jim Stevenson on 3/11/2024 10:19:59 AM

It is a shame that so many of his voters don't understand what is actually happening. What's worse is those voters are getting hurt the worst. Michael Creighton on 3/15/2024 6:00:31 PM

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