The markets are mixed midday, as Tech continues to stumble and the Nasdaq has gone negative. The Dow and the S&P 500 are positive and acting good despite tech slipping. This is what I have been looking for, but can it hold with tech lower? No sure, yet. Technology is the only S&P 500 sector in the red today.
Energy is the best performing sector today, and it was a winner in Friday's bloodbath. It is too early for investors, but traders can look for quick scalps. Upbeat manufacturing PMI data is giving a boost to crude, up over 2% to $36.54 per barrel, reversing its losses from earlier in the day when crude hit the lowest level since May 29 at $33.82 per barrel.
Retail is rocking today. Kontoor Brands (KTB) had a monster beat.
Covid19 stocks gave up gains fast. Maybe, the market does not believe there will be mass lockdowns in the United States.
S&P 500 Index | +0.91% | |
Communication Services XLC | +0.10% | |
Consumer Discretionary XLY | +0.30% | |
Consumer Staples XLP | +1.45% | |
Energy XLE | +3.38% | |
Financials XLF | +1.64% | |
Health Care XLV | +1.24% | |
Industrials XLI | +2.29% | |
Materials XLB | +2.80% | |
Real Estate XLRE | +1.74% | |
Technology XLK | -0.05% | |
Utilities XLU | +1.83% |
Breadth is decidedly positive, as are the advancers, but the NYSE is outperforming. However, new 52-week highs lag new lows on the Nasdaq.
Market Breadth | NYSE | NASDAQ |
Advancing | 2,347 | 2,148 |
Declining | 697 | 1,286 |
52 Week High | 28 | 26 |
52 Week Low | 19 | 43 |
Up Volume | 1.77B | 943.56M |
Down Volume | 394.33M | 747.56M |
U.S. construction spending rose 0.3% in September to $1.41 trillion. Private construction spending grew 0.9%, as demand for homes continues to rise. More people are looking to move from the city to the burbs, and the interest environment remains low.
To see the chart, click here.
Nonresidential construction declined 1.5% and public construction was 1.7% lower.
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