Dem Staffer Who Filmed His Sexcapades in a Senate Hearing Room Later Checked...
NYC Mayor Eric Adams Tries to Cooperate With ICE. State Judge Stops Him.
Wife of Former Sen. Bob Menendez Found Guilty in Bribery Trial
The Pentagon Leakers Might Want to Lawyer Up
Flawed Study's Ridiculous 'Finding' Gets Called Out by Parkland Victim's Father
How Trump Handled Biggs Entering the AZ Governor's Race After He Already Endorsed...
The White House Responds After Harvard Files Lawsuit Against Trump Administration Over Fun...
Harvard Presidents—On Sale at Macy's
Van Hollen's Post From 2017 on MS-13 Comes Back to Haunt Him
Trump’s Example to the World: Cull Activists to Achieve Energy Abundance
Pope Francis' Cause of Death Has Been Revealed
Homeland Security Sets the Record Straight About Those German Teens Who Were ‘Deported’...
Scott Jennings, Mike Lawler Offer Crucial Reminders About Funding for Harvard in Light...
Dylan Mulvaney Plans on Leaving the US. Here's Where He's Headed.
Exposed: Another Bogus Immigration 'Controversy' Falls Apart
OPINION

Johnson & Johnson Announce Split

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
AP Photo/Nick Wass

Investors rotated back into Technology and mega cap growth names yesterday.

To see the chart, click here.

The session was mixed with Materials outperforming and Utilities lagging.

Advertisement

S&P 500 Index

+0.06%

 

Communication Services XLC

 

-0.20%

Consumer Discretionary XLY

 

0.27%

Consumer Staples XLP

 

-0.07%

Energy XLE

+0.38%

 

Financials XLF

+0.28%

 

Health Care XLV

 

-0.29%

Industrials XLI

 

-0.41%

Materials XLB

+0.80%

 

Real Estate XLRE

+0.04%

 

Technology XLK

+0.47%

 

Utilities XLU

 

-0.61%

Breadth was positive and up volume exceeded the down.  On the Nasdaq, however, there were more new 52 lows than high.

Market Breadth

NYSE

NASDAQ

Advancing

1,887

2,659

Declining

1,438

1,887

52 Week High

103

138

52 Week Low

51

152

Up Volume

2.55B

3.02B

Down Volume

1.36B

1.45B

Portfolio Approach

There are no weighting changes to our Hotline Model Portfolio.

Today’s Session

The major indices are positive but well of the highs of this morning. Johnson and Johnson (JNJ) is the latest company to announce it is splitting into two companies. The news is helping to push the Dow higher.

On the economic front, the University of Michigan U.S. consumer sentiment preliminary read of 68.8 was the lowest level in 10 years, and well below expectations for 72.4 and October’s 71.7.

Advertisement

To see the chart, click here.

Inflation continues to weight on consumers and the inflation expectation for next year rose to 4.9 from 4.8, albeit the 5 year was unchanged, which speaks to the transitory nature of some of the inflation.

  • Current conditions 73.2 from 77.7
  • Expectations 62.8 from 67.9

The October JOLTS (job opening and turnover report) showed the job opening declined by 191,000 to 10.4 million jobs opening in October from September.  The number was a disappointment as expectations was for a decline to 10.3 million.  We will have more in the afternoon note.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement