Big Names Struggle as the Equal-Weight S&P 500 Breaks Out
Money rotated into smaller stocks and drove a breakout for the S&P 500 Equal Weight Index.
Closing Market Data for Friday
Closing Volume
– NYSE volume 8% below its one-month average
– NASDAQ volume 3% above its one-month average
– VIX index: up 0.06% to 16.77
Breadth
S&P 500 Sectors
% Movers
Nasdaq 100 Heat Map
Closing S&P 500 Heat Map
Position: None
S&P 500 Sector ETFs and Their Intraday Charts
At 2:52 PM:
Position: None
VIDEO: What We Learned From the SpaceX IPO Filing
There have been big losses but the transaction should have major implications for the IPO market.
Double Exposure
I have almost doubled my net short exposure this afternoon.
Position: None
Nothing to Worry About Here…
Position: None
My Tweet of the Day (Part Deux)
Position: None
New IBM Price Target After $2 Billion Quantum Computing Boost
The Big Tech firm has received a significant boost in its efforts to dominate the emerging sector.
Late Morning Market Stats and Charts
– NYSE volume 4% below its one-month average;
– Nasdaq volume 5% above its one-month average;
– VIX index: down 0.60% to 16.66
Waller Bullet Points
“An interest rate cut is as likely as a hike for the Fed’s next move; Current Fed position is to hold, and doesn’t believe we should consider hikes in the near future, but can no longer rule them out if inflation doesn’t cool soon; Hikes will be especially necessary if inflation expectations become unanchored.”
“Breadth of April consumer price increases is concerning.”
“Inflation will be the driving force in future policy decisions.”
“The labor market is stabilizing, unemployment is low.”
“While I still harbor concerns about the strength of the labor market in the United States, because of the growing length of the conflict, I have become more concerned that higher energy prices may have a lasting effect on inflation.”
“Based on this recent data, I would support removing the “easing bias” language in our policy statement to make it clear that a rate cut is no more likely in the future than a rate increase.”
“I can no longer rule out rate hikes further down the road if inflation does not abate soon, and that is especially true if measures of inflation expectations, some of which have risen lately, show signs of becoming unanchored.”
Positions: None.