Afternoon Note
The S&P 500 ran above the 4,800 level but lost its momentum shortly after the open, dragged down by airlines stocks.
The worst four performers in the index are all airlines. Part of the pressure in the sector is the disappointing forecast from Delta (DAL) this morning.
Oil prices are higher this afternoon pushed by U.S. and U.K. strikes against Houthi targets in Yemen, which is behind the outperformance of the energy sector.
Market breadth doesn’t look too bad, but the indices look beleaguered ahead of the three-day weekend.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,473 |
1,886 |
Decliners |
1,290 |
2,111 |
New Highs |
99 |
114 |
New Lows |
16 |
57 |
Up Volume |
689.3 million |
1.38 billion |
Down Volume |
838.2 million |
1.43 billion |
Tweet |
5/17/2024 1:45 PM | Near Record Highs |
5/17/2024 9:31 AM | DIFFERENT VALUATION METRICS |
5/16/2024 1:23 PM | Dow 40,000 |
5/16/2024 9:40 AM | AUTOPILOT FEELS SO GOOD |
5/15/2024 1:53 PM | New Hope |
5/15/2024 9:41 AM | CHAMPING AT THE BIT (INVESTORS BEGINNING TO CHASE) |
5/14/2024 1:24 PM | Small Moves |
5/14/2024 9:22 AM | Marking Time |
5/13/2024 1:37 PM | Snuffed Out |
5/13/2024 9:37 AM | BRACING FOR MORE INFLATION DATA |
5/10/2024 1:23 PM | Cold Water |
5/10/2024 9:58 AM | IN TUNE |
5/9/2024 1:09 PM | Disconnect |
5/9/2024 9:39 AM | THE SEVENTH (TRADING) DAY OF MAY |
5/8/2024 1:49 PM | Mixed Note |
5/8/2024 9:37 AM | CHANGING NARRATIVES |
5/7/2024 1:50 PM | Building Gains |
5/7/2024 9:36 AM | HOPING MICKEY SAVES THE DAY |
5/6/2024 1:59 PM | Rate Cut Hopes |
5/6/2024 9:17 AM | LOOKING FOR MOMO TO KICK BACK IN |
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? |
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