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Afternoon Note

Fighting the Trend

By Karina Hernandez, Senior Research Analyst
4/9/2024 1:56 PM

The market had a decent start as yields moved lower, but later, stocks hit an air pocket a turned noticeable turn lower. The major indices are stabilizing as investors await the key inflation report tomorrow.

The CPI for March, according to economists, is expected to edge higher to 3.4% from 3.2% in February. This is the trend the Fed is fighting.

Only six sectors are higher this afternoon, led by Real Estate.

There are more advancers than decliners, and more new highs than lows, on the NYSE and Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancers

1,528

2,251

Decliners

1,246

1,841

New Highs

93

85

New Lows

8

64

Up Volume

1.03 billion

1.92 billion

Down Volume

646.8 million

1.03 billion


 

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