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OPINION

Rally Fades And Leadership Shifts

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AP Photo/Richard Drew, File

There was pressure out the gate as stocks set more all-time highs. The rally stalled and all three major indices pared gains as Facebook (FB) reversed lower. The Nasdaq turned red as investors await earnings results from the likes of Alphabet (GOOG), Twitter (TWTR) and Advanced Micro Devices (AMD) on Tuesday.

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Leadership has shifted to utilities and Real Estate at the head of the class today.

S&P 500 Index

+0.10%

 

Communication Services XLC

 

-1.13%

Consumer Discretionary XLY

 

-0.17%

Consumer Staples XLP

+0.32%

 

Energy XLE

0.00%

 

Financials XLF

 

-0.04%

Health Care XLV

+0.42%

 

Industrials XLI

 

-0.36%

Materials XLB

+0.18%

 

Real Estate XLRE

+0.52%

 

Technology XLK

+0.33%

 

Utilities XLU

+1.15%

 

Consumer Confidence

Conference Board Consumer Confidence came in at 113.8 for October, beating consensus of 108. Improvement on both the present situation side (147.4 vs. 144.3 last month) and the expectations side (91.3 vs. 86.7 in September).

New Home Sales

Nice recovery in September new home sales surging +14% and above consensus of +2.5% This pop was the largest gain since July. Despite the result, homebuilder stocks are mixed this afternoon.

To see the chart, click here.

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