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July 12, 2024
DOW: 39,826.68
S&P: 5,608.50
Nasdaq: 18,408.92
10YR T-Note: 4.20%
Bitcoin: 57,011.80
VIX: 12.34
Gold: $2405.95 Crude Oil: $82.88
Prices Current as of 10:00 am
Source: CNBC
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
In what had to be described as the ultimate “Revenge of the Nerds” day, the market underwent an astounding session where the differential between the high-flying S&P and the lagging Russell 2000 reversed direction in the widest such showing in favor of the latter since the depths of the financial crisis in October 2008. And it was only the second day since 1979 when the Russell 2000 rose more than 3% while the S&P declined.
And how about this one - the Nasdaq underperformed the Russell 2000 by more than 5% in what appears to be the largest daily gap in history.
And even though the S&P got knocked down by 49 points to 5584, breadth numbers were positive by a 6/1 upside ratio as it was the Magnificent seven stocks that all sold off sharply while the old-time industrials, homebuilders, utilities and cyclicals did well.
As a result of all these wild gyrations, the Dow ended with a closing advance of 32 to 39,753 led by gains in AMGN, CAT, HD in particular, MCD and UNH.
The S&P dropped by 49 to 5584 led by the large technology stocks while the Nasdaq did even worse with a 364 downside shellacking down to 18,283 led by the first decline in AAPL after seven straight higher days and by TSLA which fell after 11 straight up-days.
And once again, for a really rare time, the hero was the Russell 2000 Index of small stocks which gained an incredible 73 point up to 2125 while the VIX inched up to 12.92 after its strange higher day on Wednesday.
Bond yields declined sharply with the 10-year Note down to 4.20% from 4.28% on Wednesday and from 4.7% in April. This was because the June C.P.I. showed that inflation cooled to the slowest pace since 2021 with a decline of 0.1% for a year over year advance of 3%. This was due to drops in energy and used car prices. The core rate excluding food and energy gained 0.1%.
This action strongly moved up the possibility of a Fed rate cut to September, which was reflected in the lower bond yields.
Earnings reports included - yesterday - PEP turned higher, CAG, DAL lower; today - banks lower with JPM and WFC and C higher.
Economic reports were: yesterday - June C.P.I.(see above), weekly jobless claims dropped by 17K to 222K; today - June P.P.I. came in at a gain of 0.2% while the core rate excluding food and energy was up by 0.4%.
