Netflix,Amazon,Peloton and Dollar General all accomplished this today. If you think about it for a few minutes it makes sense that these stocks would rally in a stay at home environment and high jobless claims.
Chip sector helping Nasdaq rise some 2%,Semi index, SOX +2.5%,FANG Index +2.9% Dow Unchanged on day And SPX little changed to higher.One of these days where the the tide does not lift all boats as Tech stocks doing well and the rest of Stock universe struggling a bit Boeing -6% and Energy Sector down 3% as Crude Oil cant catch a bid regardless how much jaw boning is applied,We have heard the threat of tariff on Oil Imports,White house has said they could pay drillers to stop exploring for oil,these comments provided a brief bid and that is it.Financials the second worst performing sector down over 2% and within the sector all 18 banks are down on day.
Governor Cuomo started daily press conference sounding upbeat but went on to say that Lock down measures will be extended to May 15th in conjunction with neighboring States this has caused a bit of Risk Off.Italy reported largest daily increase in new cases in 4 days and Pennsylvania Governor vetoed a bill to reopen state economy Gold and Spoos positive correlation continues as they both move lower.Path of least resistance appears higher for Bonds and Ultras as Yield curve continues to flatten
New York Fed out with its Weekly Economic Index(WEI),results below;
April 16, 2020: Update
- The WEI is currently -11.04 percent, scaled to four-quarter GDP growth, for the week ending April 11 and -8.42 percent for April 4; for reference, the WEI stood at 1.58 percent for the week ending February 29.
- Today’s decline in the WEI is driven by the continued fall of fuel sales, to about half the level seen in 2008, due to stay-at-home orders and similar restrictions, considerably lower federal tax with holdings, a fourth successive week of initial unemployment insurance (UI) claims in the millions (4.97 million, not seasonally adjusted), and further decreases in rail traffic and electric utility output.