Traders Market Weekly: Consumers Along for The Ride

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  • #74323
    Truman
    Participant

    The preliminary Index of Consumer Sentiment for May sunk to 67.4 (consensus 76.5) from the final reading of 77.2 for April. In the same period a year ago, the index stood at 59.0. The May reading is the lowest in six months.

    The key takeaway is that the downturn in sentiment was driven by decreases across age, income, and education groups, and revolved around worries pertaining to inflation, unemployment, and interest rates.

    #74324
    Truman
    Participant

    Morning Market:

    Dow 39519.13 +131.37 (0.33%)
    Nasdaq 16329.47 -16.80 (-0.10%)
    SP 500 5219.58 +5.50 (0.11%)
    10-yr Note -25/32 4.500
    NYSE Adv 1369 Dec 1217 Vol 92 mln
    Nasdaq Adv 1927 Dec 1942 Vol 830 mln

    Industry Watch
    Strong: Information Technology, Financials, Industrials, Materials, Health Care
    Weak: Communication Services, Consumer Discretionary

    Moving the Market
    — Carryover momentum from recent gains
    — S&P 500 testing all-time highs
    — Rollover in some mega cap gains boosting index performance
    — Gains in chipmakers also boosting index performance after TSMC (TSM) reported a jump in April revs.

    Downside moves coincided with some mega cap stocks turning lower, weighing on index performance. The Vanguard Mega Cap Growth ETF (MGK) is 0.1% lower now after trading up as much as 0.6% earlier.

    #74332

    Dow 39,512.84 125.08 0.32%
    S&P 500 5,222.68 8.60 0.16%
    Nasdaq 16,340.87 -5.40 -0.03%
    VIX 12.55 -0.14 -1.10%
    Gold 2,370.40 30.10 1.29%
    Oil 78.36 -0.90 -1.14%

    #33723

    May 12, 2024 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Image: Killing Jo
    [See the full post at: Traders Market Weekly: Consumers Along for The Ride]

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