Jerry Samet
05-22-2024, 06:22 PM
The market was moderately lower today as it awaited NVDS’s earnings. The major averages opened little changed until the Fed minutes came out and they seemed more hawkish than expected. The major averages sold pretty hard until they recovered some of the decline by the close, finishing with modest losses. The COMPQ and the NDX fell .18% and .05% respectively. The SPX lost .27%. Volume was higher across the board, producing a distribution day on the SPX. Leading stocks were lower as well with the leaders index falling .81% on the day. The index closed in about the middle of its trading range on higher but below average volume. The market pulled back today as it waited the NVDA’s earnings report. There was a sell off when the Fed minutes came out and they appeared to be more hawkish than expected. Some of that was recovered by the close and the major averages finished with moderate losses. NVDA’s earnings came out good and the stock is rallying in after market trading. There should be a bounce in at least the NASD tomorrow morning. The leaders index continued its recent consolidation. The major averages are working their way higher, but there doesn’t seem to a lot of strength behind the move. Things still look positive, but stay close to the exits. Jerry