The Asian markets were up, HK +0.10%, Shanghai +0.99% and Japan +2.67%. China Retail Sales rose 5.5% in February with a consensus 5.2%. Industrial Production was up 7.7% with a consensus 6.8%. Fixed Asset Investment rose 4.2% with a consensus for 3.2%.
Japan was full of stories that the BOJ will raise rates at the meeting.
European markets were sluggish. Euro STOXX -0.07% and DAX -0.2%. The EU CPI was 2.6% from 2.8% and the core 3.1 from 53.3.
In the U S, the home builders index increased to 51 from 48, positive and better than expected.
S&P 500 +32.33, +0.65% to 5,149.42.
An open at 5.156 was followed by 5,175 at 10:30. it peaked and drifted to 5,156 by 2:30. A sideways churn gave way to late selling, a 5,149 close.
The growth cohort was strong early. First, APPL and GOOG were said to be talking about Apple using Alphabets Gemini for its customers. Both heavy weights in indexes were up, mostly GOOG.
TSLA announced it was raising prices in April. It will be able to sell heavy inventory. It rose sharply. It has been in a sharp; down trend. (what happens to sales in April ??)
Targets were raised on META and NFLX. NVDA was up early ahead of its major presentation today.in California.
The DJIA was +0.20%. The NASDAQ gained 0.82% and the QQQ 0.95%. The IWM slipped 0.72%.
WTI was a gusher today, +$1.68 to 82.75. Iraq announced it would cut production to make up for over production last month. The positive China data was helpful. The Technical breakout is clear now. See below.
The XOP was up 0.3% and the XLE 0.35%.
The 10 yr T bond rate keeps chugging up, a new closing high for 2024, +3.2 bps to 4.336%.
The KBWB was up 0.4%. The XLU added 0.5%.
The VIX dipped 0.6% to 14.33. The NYSE advances eked out a 1.03 to 1 win. The NASDAQ declines led, 1.3 to 1. The volume was above average.
NVDA made its super presentation. At 8 PM it is down 1.7%. This should not be a surprise. It was loaded with traders expecting a surge. They are leaving. We will see tomorrow analysts boffo reviews and find out how many buyers are left.
Blub
Jerry