Reply To: Traders Market Weekly: Consumers Along for The Ride


Market lunch
Dow 39423.25 -89.59 (-0.23%)
Nasdaq 16356.34 +15.47 (0.09%)
SP 500 5214.61 -8.07 (-0.15%)
10-yr Note +23/32 4.482
NYSE Adv 1521 Dec 1209 Vol 322 mln
Nasdaq Adv 2494 Dec 1642 Vol 2.6 bln

Industry Watch
Strong: Information Technology, Materials, Utilities, Real Estate
Weak: Communication Services, Consumer Discretionary, Health Care, Energy, Industrials

Moving the Market
— Losses in some mega cap stocks
— Early buyer enthusiasm fading somewhat
— Drop in market rates
— Wait-and-see in front of PPI on Tuesday, CPI on Wednesday

The market had been trading higher initially, driven by carryover momentum from recent gains. Early buyer enthusiasm faded somewhat with no specific catalyst. Market breadth is still positive, but margins have narrowed compared to earlier in the session.

Shortly after the open, advancers lead decliners by a 5-to-2 margin at both the NYSE and at the Nasdaq. Now, advancers have a 5-to-3 lead over decliners at the NYSE and a 2-to-1 lead at the Nasdaq.

Four of the 11 S&P 500 sectors trade higher led by information technology (+0.7%), which has benefitting from turnaround action Microsoft (MSFT 415.18, +0.45, +0.1%). Shares of Apple (AAPL 186.95, +3.68, +2.0%) have been trading higher through the session, sitting near intraday highs now.

There has also been some speculative interest driving some meme stocks sharply higher following the first X post by “Roaring Kitty” in three years. GameStop (GME 29.41, +11.95, +68.2%) is surging in response.

Commodity futures, aside from gold ($2,340.10/ozt, -34.90, -1.5%), are trading higher.

WTI crude oil futures are up 0.7% to $78.78/bbl; natural gas futures are up 3.3% to $2.33/mmbtu; and copper futures are trading 1.8% higher to $4.74/lbs.

The price action in energy-related commodities hasn’t boosted the S&P 500 energy sector, which sports a 0.4% decline.