Morning Commentary
The S&P 500 finished ever so lightly in the red, but five of eleven sectors were higher, with Materials (XLB) at the top of the list.
I don’t remember the last time there wasn’t a Technology (XLK) name among the top ten advancers.
The best-performing sectors in yesterday’s trading have lagged since this leg of the rally began on October 27th.
Broadening
The rally is finally broadening in a way that usually becomes stronger.
You must go back to the summer of 2021 when this many names in the S&P 500 closed above their 200-day moving average.
The NASDAQ Giveth
The NASDAQ Composite struggled, while the New York Stock Exchange (NYSE) enjoyed a slight edge of advancers over decliners, but there were only 19 new 52-week lows.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,413 |
1,741 |
Decliners |
1,397 |
2,521 |
New Highs |
127 |
103 |
New Lows |
19 |
88 |
Up Volume |
2.17 billion |
2.42 billion |
Down Volume |
1.66 billion |
2.48 billion |
The large and midcap values found some action in a mixture of ‘flight to safety’ and ‘flight to opportunity.’
Today is all about the Consumer Price Index (CPI) report and the spin afterward.
We’ve got you covered.
Today’s Session
The CPI report came in higher than expected on the headline number from a year ago, and core (ex-food and energy) was higher on a yearly and monthly basis.
Comments |
Isn't it kind of crazy (in my opinion), that two of major areas based on supply and demand are the ones which rates in this environment can't control? Housing/rent being the biggest around short supply. Does the inclusion of owners' equivalent rent (OER) assumption even have a place, when people of owner-occupied homes are staying put, even with increased property valuations. For the simple reason they are out of the normal transitional housing market seen in the past around moving up, based on the rate they locked in not many years ago. Then there is energy, which like food is excluded from the key CPI index they always go to, but effects almost everything else that they do include. The Summer vacation travel season is just around the corner as well. Drive or fly (and then maybe get a rental to drive) doesn't matter. Terry Dowler on 3/12/2024 11:30:36 AM |
Tweet |
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 |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
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