Morning Commentary
There was a lot of sloshing around during the session yesterday, and the S&P 500 finished the day where it started. Energy (XLE) surged as the world awaited Israel’s response to Iran's missile barrage. I interviewed Danny Danon, Israel's UN Ambassador, who told me the retaliation would be stiff, mainly since Israel showed restraint this summer. But it was Technology (XLK) that saved the session.
The iShares Russell 2000 ETF (IWM) took the biggest hit during the session.
There were slightly more decliners than advancers, but up volume was significantly greater than down volume, especially on the NASDAQ Composite, that’s the buy-the-dip crowd.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,273 |
2,000 |
Decliners |
1,514 |
2,177 |
New Highs |
143 |
112 |
New Lows |
27 |
133 |
Up Volume |
1.78 billion |
3.18 billion |
Down Volume |
1.26 billion |
1.72 billion |
Market Movers and Themes
Market Movers |
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Advancers |
Decliners
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Blackwell Demand is Insane
“Prices are insane!
I grew up in New York City when Crazy Eddie stores were popping up everywhere, accompanied by aggressive advertising claiming the company’s prices for electronic equipment were “insane.”
It turned out the whole shebang was a scam. The accounting scam was finally uncovered with a bang. But long after the stores vacated their locations and everyone moved on, nobody forgot those commercials.
I was reminded of those commercials when I saw clips of Nvidia (NVDA) CEO Jensen Huang proclaiming that demand for the new Blackwell chip is “insane.” There will be critics who suggest that such talk from a CEO is unseemly and maybe a smack of desperation.
I think Jensen is telling the truth, as is the market, which bid up the stock in after-hours trading.
Insane, indeed!
Today’s Session
The market looks to open under pressure this morning. It's not the panicky kind of pressure, but there is no doubt that some doubt is creeping into investors' minds.
This morning, the AAII sentiment readout saw bullishness slip to 45.5% from 49.6%, as bearishness increased to 27.3% from 23.7%.
Overall, the report points to continued confidence in the market. It also reflects a sense of uncertainty as the election approaches.
Labor Picture
Initial jobless claims edged higher to 225,000, against consensus of 221,000.
Initial Jobless Claims
Continuing claims were essentially unchanged at 1,826,000.
Continuing Jobless Claims
Hiring Strike
As I’ve stated and written numerous times, the pressure on the labor market comes from attrition and a lack of hiring. On that score, Challenger Gray & Christmas reported that year-to-date hiring had been the lowest since 2011.
Comments |
All that money going to illegal immigrants and now after this hurricane, as everyone knows they come, there's not enough money for the Americans who are desparate, some dying and struggling to survive this tragedy. It's all because of the illegal tactics of the Harris Regime of open borders. Elect Trump! Lorin K. on 10/3/2024 10:26:34 AM |
Tweet |
10/4/2024 1:14 PM | Jobs Data Pushing Stocks Higher |
10/4/2024 9:58 AM | JOBS DAY (AGAIN) |
10/3/2024 12:47 PM | Oil Surges |
10/3/2024 9:38 AM | WAITING |
10/2/2024 1:23 PM | Holding the Pattern |
10/2/2024 9:34 AM | REIGN OF TERROR |
10/1/2024 1:08 PM | Geopolitics Takes Center Stage |
10/1/2024 9:39 AM | STRONG, STEADY & DETERMINED |
9/30/2024 1:33 PM | Marginal Monday |
9/30/2024 9:33 AM | LOOKING FOR A POWELL BOOSTER |
9/27/2024 12:53 PM | Technology Lags |
9/27/2024 9:57 AM | Materials Momentum |
9/26/2024 1:11 PM | Strong and Steady |
9/26/2024 9:44 AM | AI IS A-OK |
9/25/2024 12:55 PM | Losing Steam |
9/25/2024 9:25 AM | IS THIS THE DATA POWELL FEARED? |
9/24/2024 1:06 PM | The Right Move |
9/24/2024 9:45 AM | HO-HUM IS OKAY |
9/23/2024 1:38 PM | A Big Week Ahead |
9/23/2024 9:44 AM | IT’S ELECTRIC! |
9/20/2024 1:07 PM | Taking a Breather |
9/20/2024 9:35 AM | RATE CUT EUPHORIA |
9/19/2024 1:25 PM | Rate Cut Rally |
9/19/2024 9:29 AM | …HE’S A DEMON ON WHEELS |
9/18/2024 1:19 PM | Fed Time |
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