March 19, 2024

Weak ADP data helps market gap

The Market: The market gapped and continued higher for the first hour of trading which the news attributed to a weak ADP number which could keep the Fed from raising interest rates anytime soon.  After the first hour of trading the major indices began to lose ground and, while they all finished up on the day, they were all also well off their highs. Leading on the WSC Scoreboard was Retail (XRT) which was the only sector to finish up by over 1% followed closely by Technology (XLK) which closed up 0.97%.  The only two losing sectors on the day…

The Calm before Jobs data storm?

Index & Sector performance 1/9/14 The Market: A mixed consolidation day in S&P 500 saw the futures up in the pre-market only to sell off at the open.  That sell off persisted until 11am EST losing roughly 15 S&P points from the pre-market highs and then the S&P bottomed and staged a rally which didn’t make it back to the pre-market highs but did take back more than half of what was lost. In Economic data today, Unemployment claims came in better than expected posting a 330K number when 337K was expected but the previous week was revised about 6K…