CNN's Panel on Antisemitism Was a Total Trainwreck
Reporter Gave a Laughable Reason for Why We Can't Trust Polls Now
I'm Not So Sure Bill Clinton Is the Person to Lead Point on...
CBS News' Margaret Brennan Got Wrecked By Scott Bessent and Marty Makary Over...
Watch Scott Jennings Obliterate a Reporter Over Her 'Both Sides' Nonsense on Political...
The Democrats Are the Party of Antisemitic Terrorism
Trump's New Nickname for Joe Biden Is Spectacular
If Democrats Had the Truth on Their Side They Wouldn’t Have to Lie...
Sanctuary States, Sleeper Cells, and a Nation on the Brink
Hey You, Get Off My Crowd
Hey You, Get Off of My Crowd
This Transgender Athlete Shared This Flippant Response After Dominating a Women's Race
Republicans Could Make History on Gun Rights
Trump Cracks Down on Arizona’s Illegal Immigrant Tuition Scheme
Fetterman Breaks with Democrats on Israel, Border, Trump Policies Amid Party Backlash
OPINION

Markets Unphased By Treasury Nominee

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
AP Photo/Carolyn Kaster, File

The market has been in a holding pattern after leaping out the gate ahead of the confirmation hearing for Janet Yellen to become the first woman to head up Treasury Department. 

Advertisement

It has been intriguing. The questions have been anticipated, and the event is more of a tug of war over President Elect Joe Biden plans to tax and spend.  She has held up well, although a little iffy on the topic of taxing assets before they are sold.  Yikes! 

I will have more on her comments in the morning Hotline commentary.  Meanwhile, investors haven’t been frightened by what they’ve heard thus far, as they have eschewed the three key traditional haven sectors (Utilities, Real Estate and Consumer Staples).

Instead, the big move in Energy keeps going followed by Communication Services, which took it on the chin last week.  Despite the controversy, and certain revenue losses at Facebook (FB) and Twitter (TWTR), the latter got its third upgrade since booting President Trump, and then purging tens of thousands of additional users, the stocks are up today.

S&P 500 Index

+0.63%

 

Communication Services XLC

+1.32%

 

Consumer Discretionary XLY

+0.49%

 

Consumer Staples XLP

 

-0.30%

Energy XLE

+1.68%

 

Financials XLF

+0.60%

 

Health Care XLV

+0.59%

 

Industrials XLI

+0.48%

 

Materials XLB

+0.07%

 

Real Estate XLRE

 

-0.63%

Technology XLK

+0.75%

 

Utilities XLU

 

-0.36%

Advertisement

 

The action reminds me of those sessions when the FOMC wraps up its meeting.  Kind of sideways, but hinting at being a coiled spring, and at the conclusion, the market takes off big time.   We could see that today.  Of course, there is a big event tomorrow, too, that the market might be waiting for. 

Big shoutout to Mary Barra of General Motors (GM), which is getting another big lift today.  This time on news Microsoft (MSFT) has made an investment in the Cruise. 

Financials are holding up well despite wishy-washy reactions to earnings from more industry giants this morning.

Energy

The big move today in Energy is being led by refiners. The next big resistance point for the XLE is 46.0.


Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement