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Afternoon Note

Cheerful Mood

By Charles Payne, CEO & Principal Analyst
12/26/2023 1:08 PM

Looks like investors are still in a cheerful mood, as they continue to unwrap their stock market presents.  All the major indices are trading in the green.  Once again, the Russell 2000 is the best performer, up 1.04%.

On the S&P 500, Energy is outperforming as WTI trades up 2.6% to $75.45 on middle east concerns and rate cut hopes.  Healthcare is a laggard today.

Housing is a bigger winner today as home prices have hit the highest level in a year.  According to the S&P 500 CoreLogic Case-Shiller 20-city home price index, housing in the U.S. rose 4.9% year over year in October. 

Advancers top decliners, 3.5 to 1 on the NYSE and 2-1 on the Nasdaq. Also new highs are continuing to outpace new lows, a great sign.

Market Breadth

NYSE

NASDAQ

Advancers

2,109

2,776

Decliners

662

1,346

New Highs

142

245

New Lows

3

46

Up Volume

755.34 million

2.81 billion

Down Volume

228.17 million

456.99 million

In other economic news, the Chicago Fed National Activity Index was up 0.03 in November, from the previous month’s revised -0.66.  All 4 broad categories rose.

 


 

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