Afternoon Note
Most indices are relatively higher today, with the Nasdaq Composite leading the way again, up 0.49%. Quarterly results continue to be the main focus and will continue to be next week, with Tesla (TSLA) taking the center stage.
Only two sectors are in the red with the biggest loser being Energy (XLE). Communication Services (XLC) takes the lead, up 0.8%, after Netflix (NFLX) posted earnings that beat both earnings and revenue.
The downward movement in Energy (XLE) comes as oil once again dips below the critical $70 level.
On a similar note, Gold is also having a strong performance today, up 0.9%.
Market breath is decidedly positive, as up volume dwarfs down volume, new highs continue to far outpace new lows, and there are more advancers than decliners.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,511 |
2,335 |
Decliners |
1,211 |
1,700 |
New Highs |
154 |
153 |
New Lows |
10 |
36 |
Up Volume |
816.01 million |
2.02 billion |
Down Volume |
555.62 million |
691.73 million |
The Fear & Greed Index is right on the edge of flipping to Extreme Greed.
Fed Governor Weller made comments today indicating a slower rate cut pace with more caution.
"While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting" - Christopher Waller
On the economic front, September Housing plunged, but single-family homes are still being built. Completion surged related to Starts and Permits, helping clear the backlog.
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12/3/2024 9:46 AM | STUMBLING HIGHER |
12/2/2024 12:52 PM | A Year for The Ages |
12/2/2024 9:40 AM | GREED & HOLIDAY CHEER |
11/29/2024 7:08 AM | IT COULD BE A FLIGHTLESS DAY |
11/27/2024 1:34 PM | Sticky Inflation |
11/27/2024 9:57 AM | RALLY BROADENS BUT FOCUS ON QUALITY |
11/26/2024 1:21 PM | Consumer Confidence Improves |
11/26/2024 9:40 AM | SHOTS FIRED |
11/25/2024 12:51 PM | Stocks Rise, Oil Slides |
11/25/2024 9:44 AM | Small-Cap Gains Momentum |
11/22/2024 1:35 PM | Setting For Weekly Gains |
11/22/2024 9:30 AM | THE PARTY WIDENS |
11/21/2024 1:31 PM | No Fear |
11/21/2024 9:38 AM | SOME BOTTOM FISHING AMID ALL THE CHASING |
11/20/2024 1:11 PM | All Eyes on Nvidia |
11/20/2024 9:50 AM | GENERALS TO THE RESCUE |
11/19/2024 1:30 PM | Shaken Off Fears |
11/19/2024 9:37 AM | TERRA FIRMA |
11/18/2024 12:57 PM | Animal Spirits |
11/18/2024 9:35 AM | FAST MOVING DEVELOPMENTS & EMOTIONS |
11/15/2024 1:12 PM | Continued Pressure |
11/15/2024 9:43 AM | CERTAIN CUTS (TRUMP ADMIN) & UNCERTAIN CUTS (POWELL) TRIP RALLY |
11/14/2024 1:38 PM | Muted |
11/14/2024 9:57 AM | Just Win |
11/13/2024 1:21 PM | Rate Cut Bets |
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