Market Commentary
Major indices are relatively flat today, with the Dow Jones and Russell 2000 in the red, while the S&P 500 and Nasdaq Composite are in the green. Once again today, the Nasdaq Composite takes the lead.
Once again only three of eleven sectors are in the green; however, this time Energy (XLE) is in the lead instead of Technology (XLK), which still takes second place so far. The largest loser today is Consumer Discretionary (XLY) dragged down mostly by underperformance of Tesla (TSLA).
Energy is staging a massive move following President’s Bide comments on Iran. Oil rose up to 5% this afternoon and is getting closer to its 50-day moving average.
September ISM Services rose to 54.9, surpassing the consensus of 51.7 and at its highest level since February 2023. The results show some inconsistencies though, as Employment remains in contraction while new orders and business orders grew considerably higher from August’ results.
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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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