Morning Commentary
The Dow Jones Industrial Average, NASDAQ and S&P 500 closed at record highs in what was largely a pedestrian session until a late spurt into the close. The day and week after the jobs report are typically slow, but it gives us a clear insight into investor psyche without influence from data or earnings reports.
We touched on the jobs open report on the afternoon note. But even though stocks didn’t get a jolt from the JOLTS report, which came in slightly below consensus, it’s still near a record high.
Highlight:
Declines:
Message of the Market
As for the message of the market, we saw a rebound in technology, but there were more decliners than advancers on the NASDAQ. The Dow notched its 66th record under President Trump and money continues to flow into blue-chip names resulting in 116 stocks closing at new highs and only 26 at new lows.
In addition to having exposure to materials and industrials, look at oversold tech names like Twitter and Tesla coming on strong without little fanfare- a buy signal to me.
Today’s Session
This morning we got the latest on optimism from small businesses – and it’s a monster report. The NFIB reading of 107.5 is well above consensus of 104.4 and the October read of 103.8. In fact, this is the second-best reading in the 44-year history of the report, and the best November since the Reagan era. Eight of ten components were stronger.
Highlights:
Tweet |
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 |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
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