00:00 Speaker A
11 24 94 was a finish to the month and the quarter. I would love to say this is how the quarter went, but today has been the exception. And let’s take a look at the Dow here. This is the intraday price action closing right at the high there. So very bullish day.
00:15 Speaker A
Nasdaq Composite up nearly 4%, best day in the S&P 500, Nasdaq Composite and Nasdaq 100 since May 12th of last year.
00:25 Speaker A
And you can throw the Mag 70 ETF into that as well. So large caps doing well today. You can see the S&P 500 up about 3%.
00:32 Speaker A
Russell 2000, the small caps up even more. and here’s that big surge we saw intraday around those headlines regarding the war. Uh, is the worst over? I think there’s a lot to prove here. As I was saying at the top of the last hour, uh, the stocks here, they have been uh, very eager to kind of cover some of these shorts I think that have happened during the month. So last day of the month, quarter, you tend to see sometimes a big reversal when there’s been heavy selling
00:59 Speaker A
and that could be accounting for some of this bullish price action that we’re seeing.
01:03 Speaker A
All right, 10-year Tnote yield. That is down three basis points to 4.31%. Let’s take a look at the 30-year as well. That’s down one basis point to 4.89%. Wanted to show you what’s going on with the Vix here. I’m just going to show you a year to date. You can see it is off of its highs, but it keeps staying elevated here. Anything above 20 kind of raises eyebrows and it tells you that the long-term concerns of institutional money, they are still there.
01:30 Speaker A
So we are not out of the woods just yet. But let’s take a look and see how the large cap sector broke down today. Tech, that is XLK up 4 and a quarter percent. Uh best day in months there. Industrials number two place and then consumer discretionary. All of those up more than 3%. And then to the downside, what did well this quarter and month? That was energy, but it was in last place today. And so I think that kind of tells you that that’s just uh some mechanical reversals going on
01:56 Speaker A
right now. I would want to see the strength persist into the new month and we’ll have to see what comes with that. But let me just go give you a a picture here of what happened in the month of March. Only energy as I was just saying was positive. Consumer staples, defensive sector, that was the worst. It did very well in January and February, but it gave back a lot in March. So that was down 9%. Industrials, healthcare, real estate, consumer discretionary and materials, all that bottom row down about 6% or more.
02:26 Speaker A
And then let’s take a look at the Nasdaq 100. This is going to be today. So this is a very green bullish picture. You can see Nvidia up 5 and a half percent there. The Mag 7 doing well, meta up 6 and 2/3 of 1%. But I I got to show you the month to date as well. So there’s a lot of losses to be clawed back here. One day does not make a trend, uh but let me just leave it on the Dow. I’ll first show you what happened in the month of March and where we got Chevron up 10.8%.
02:54 Speaker A
That was the exception. Small games for you know, Verizon and IBM as well. but we’re going to be talking about Nike real soon. I think Nike was the worst performer in March for the Dow. That was down 15%. Home Depot down 13, Proctor and Gamble, Boeing. So industrials and those cyclical trades did poorly. Some of the defensive trades did poorly like healthcare and staples. So it was a very difficult quarter or excuse me, month to win in unless you happen to be long energy.
03:25 Speaker A
And I think that’s kind of the big takeaway here. Fortunately, we got a new month on deck tomorrow.