Afternoon Note
When the market opened lower -due to hawkish remarks from Fed Powell over the weekend - there was an outside chance a benign ISM Non-Manufacturing number could spark a move higher. As it turns out, the number was much higher than expected, but prices paid rose to an 11-month high.
ISM Service
Employment
Unfortunately, prices paid - the inflation component - jumped far more than expected.
McDonald's (MCD) is the worst performer in the Consumer Discretionary sector after warning that lower-income consumers are pushing back on high prices. Health Care leads the outperformers, with Catalent, Inc. (CTLT) being the best performer after the company agreed to be acquired by Novo Holdings.
Market breadth is decidedly bearish with decliners outnumbering advances more than three to one.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
453 |
1,054 |
Decliners |
2,379 |
3,110 |
New Highs |
65 |
59 |
New Lows |
74 |
179 |
Up Volume |
315.3 million |
1.09 billion |
Down Volume |
1.62 billion |
1.85 billion |
Tweet |
5/3/2024 1:41 PM | Cheering the News |
5/3/2024 7:33 AM | TIM COOKS THE (RECORD) BOOKS |
5/2/2024 1:54 PM | Holding Up |
5/2/2024 9:41 AM | COOL HAND POWELL |
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 |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|