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Afternoon Note

Technology Troubles

By Charles Payne, CEO & Principal Analyst
7/17/2024 1:37 PM

All major indices sold off over 1% today, apart from the Dow Jones Industrial Average which is currently up 0.6%. The Nasdaq Composite is the largest decliner, currently down 2.76%.

Seven out of eleven sectors are in the green today with Consumer Staples (XLP) and Energy (XLE) leading the way. Technology (XLK) was the largest loser, it sold off significantly, down -3.63%. The big news driving this is the potential for harsher semiconductor trade restrictions on China.

Manufacturing Production came in at 0.4%, beating the consensus estimates of .2%. While durable manufacturing was unchanged, nondurables increased by 0.8%.

This is the biggest two month advance since 2021.

GDPNow from the Atlanta Fed is now up +2.7%q/q for Q2FY24, driven by a change in private inventories estimate.

Housing Starts came in at 1.353 M, rising 3% from the prior month and slightly above consensus estimates of 1.3M.


 

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