00:00 Speaker A
That’s the closing bell on Wall Street. And now it’s market domination overtime. Jared Lukry going to be along in a moment to get us up to speed on the action behind today’s trade. In the meantime, let’s take a look at what’s going on with the major averages here as we close things out. It looks like it’s going to be a photo finish here with maybe the Dow finishing higher by four points. So we’ll wait for the numbers to settle out, but it looks like that’s where we are. Let’s call it unchanged, shall we? The S&P 500 similarly not moving much, but more to the upside, almost two tenths of 1%, and the Nasdaq finishing the day with a little bit of a leg up as well, about a half of 1%. We had some economic data here today running the gamut from new home sales to a consumer confidence number that came in below estimates and in particular the expectations part of that index coming in at a 12-year low. So investors weighing all of that, we’re set to get another reading on confidence on Friday. So now investors looking ahead to that, to try to figure out if all of this sentiment data is going to feed through to actual spending data. We talked with Jennifer Re of BMO about that earlier in the show, and she said, basically, it’s too soon to tell. So I guess that’s the message that the market is sending today as well, as it doesn’t move much. Jared’s got a closer look at today’s action.
02:09 Jared
Thank you. Uh we’re seeing fear leak out of the market and we can see that in the VIX here, which is down to 17. That was as high as almost 30 just a week or two ago, and let’s take a look at the one month chart. There’s that peak right there. That’s a closing level interday. It hit about 30 and now uh it is closer to the uh lower levels of the year. We call that a a range in here that it has fallen into. So that’s good news for risk markets, of course, they could shoot back up. But for the time being, we’re seeing uh just some uh fear evaporating and we can also see that in the sector action, which is uh more green than uh than red and what we have in red here is mainly the defensive uh sectors. So you got utilities down 1.6%, healthcare, which is sometimes defensive, that’s 1.3% down, real estate and staples, those round out the underperformers and the bottom dwellers there. Also materials and industrials underperforming, but not by a large amount. We didn’t see that much action in the S&P 500 today. And we can see the winner here, clearly communication services and that’s an alphabet story that’s also some others like meta in there. Consumer discretionary did well, that’s Amazon and Tesla, and then the financials, energy and tech, those round out the top level. So let’s take a look at the NASDAQ 100. You can see more green than red here, even in the mega caps. Tesla up about 3 and a half percent today. Nvidia down just a little bit, 6/10 of a percent and I was mentioning communication services as a big winner. Alphabet and meta each up more than 1% and if I go to the leaders here today, you can see Mag 7 ETF, that is up top. That was at 1.2%. We also have software doing well, New York Fang, and ITA. I don’t talk a lot about this, but this is a aerospace and defense ETF that hit a record high today, and you can see this has been a very steady uptrend that we’ve seen since the beginning of this, uh, well, not quite then, since the resumption of the bull market in October of 2023 and uh even in the latest drawdown, where the market was entering correction, it did not get hit that broadly. So defense is actually a defensive sector. How do you like that? We can also see what’s happening inside smaller tech and we can see uh Tesla the big one up, but more green than red there. So nice to see a little bit of a comeback today and we’ll see if this fledgling rally has any legs. Guys?
