The Asian markets were mixed, HK +1.93%, Shanghai -0.08% and Japan +2.03%. Japan's PMI on Manufacturing was 48.2 from 47.2 and Services 54.9 from 52.9.
European markets were up nicely, Euro STOXX +1.04% and DAX 0.91%. The U S markets influenced these markets.
In the U S, Existing Home Sales jumped 9.5%. There was bad weather in January and good weather in February. Importantly, the number of homes coming to market increased!!
The S&P Global Manufacturing PMI was 52.55 from 51.8. Services was 51.7 from 52.0.
The Initial Claims were 210.000 from 212,000. The Continuing Claims were revised down to 1.807 million????
The Philly Fed Manufacturing PMI was 3.2 from 5.2.
The Leading Indicators rose 0.1%. The first time positive in many months !!!
S&P 500 +16.91,+0.32% to 5,241.53.
After a gap 5,252 open, it drifted up to 5,260 by noon. An erosion set in which hit 5,241 by 3:30. A late rally failed, closing at 5,242.
Momentum was back. There were anxious buyers early. The breadth has improved as bullishness grows. The market did well despite AAPL falling 4.2% on an anti trust suit.
AI continues to create big winners. MU reported better than expected earnings and weaved in AI impetus, +14%. Broadcom held an investors meeting to show its exposure to AI, +5.6%.
The data was mixed today. Financials were a big winner again, helped by more confidence with less uncertainty.
The DJIA was up 0.68%. The NASDAQ rose 0.20% and the QQQ 0.47%. AAPL is the largest weighting in these two indexes. The IWM led, +1.14%. There are a lot of small banks in this index.
WTI slipped $0.20 to 81.07. There was little oil news. The XOP rose 0.5% and the XLE 0.6%.
The 10 yr T bond rate was stable, adding 0.4 of a bp to close at 4.275%. The KBWB increased 2.1% !!! The XLU slipped 0.2%.
The VIX was down again, -0.9% to 12.92!!! The advances led, the NYSE 2.1 to 1. The NASDAQ was 1.45 to 1. The volume was a little above average.
There are no economic reports tomorrow.
Blub
Jerry