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Market Commentary

AI Drifting Lower

By Charles Payne, CEO & Principal Analyst
7/16/2024 12:44 PM

Earnings season is picking up steam over the next three weeks, and today, two names stand out.

Bank of America (BAC) and United Health (UNH) are surging on their earnings. By the same token, earnings estimates for AI stocks continue to drift lower, all of which are helping to stoke rotation. 

There is good action in Industrials (XLI). Interestingly, the market is ignoring the stronger-than-expected retail sales results. 

Investors are learning that momentum can support low-Beta names when they are oversold. 


 

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