{"id":23198,"date":"2024-04-17T09:39:28","date_gmt":"2024-04-17T14:39:28","guid":{"rendered":"https:\/\/www.eoption.com\/mid-morning-look-april-17-2024\/"},"modified":"2024-04-17T09:39:28","modified_gmt":"2024-04-17T14:39:28","slug":"mid-morning-look-april-17-2024","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/mid-morning-look-april-17-2024\/","title":{"rendered":"Mid-Morning Look: April 17, 2024"},"content":{"rendered":"\n
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Mid-Morning Look<\/span><\/b><\/p>\n

Wednesday, April 17, 2024<\/span><\/b><\/p>\n\n\n\n\n\n\n\n
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Index<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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%<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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DJ Industrials<\/span><\/b><\/p>\n<\/td>\n

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50.04<\/span><\/p>\n<\/td>\n

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0.13%<\/span><\/p>\n<\/td>\n

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37,849<\/span><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/p>\n<\/td>\n

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5.65<\/span><\/p>\n<\/td>\n

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0.11%<\/span><\/p>\n<\/td>\n

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5,057<\/span><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/p>\n<\/td>\n

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-7.66<\/span><\/p>\n<\/td>\n

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0.05%<\/span><\/p>\n<\/td>\n

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15,857<\/span><\/p>\n<\/td>\n<\/tr>\n

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Russell 2000<\/span><\/b><\/p>\n<\/td>\n

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2.70<\/span><\/p>\n<\/td>\n

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0.14%<\/span><\/p>\n<\/td>\n

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1,970<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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U.S. stocks opened higher but quickly fade, as the S&P 500 tries to snap its 3-day losing streak following a recent spike in Treasury yields, rise in the dollar and lowered rate cut expectations by the Fed amid sticky inflation. No U.S. economic data today but we get the Beige Book at 2pm and several Fed speakers post-close (Mester at 5:30pm; Bowman at 7:15pm). The Nasdaq falters led by weakness in semiconductors as the SMH hits first touch of the 50dma since 11-2-23 here – down 1.4% to $216.05 – 50dma $216.40 after shares of ASML tumbled overnight as orders missed, weighing on equipment stocks (AMAT, LRCX, KLAC) and the group overall. Insurance stocks are weak as Dow component TRV drops over -7% following earnings miss on larger catastrophe losses. Dow Transports -1.6% at 15,000 (far cry off 52-week higher of 16,717) as weakness in truckers JBHT, KNX following earnings\/guidance disappointments offsets strength in airlines behind UAL beat +11% as rails falling in sympathy with truckers not helping. Bank earnings remain mixed as weaker net interest income (NII) takes its toll on shares of USB today on miss\/lower guide. Shares of industrial metals are higher early after reports the White House is calling for higher tariffs on Chinese steel and aluminium, to help shore up the American steel sector Europe was higher overnight while Asia was mixed with big gains in China. Markets still closely watching the developments in the Middle East with expectations of a retaliation by Israel against Iran after the latter\u2019s drone attack this weekend. Markets are currently little changed as we head into meat of earnings season.<\/p>\n

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Macro<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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WTI Crude<\/span><\/b><\/p>\n<\/td>\n

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-0.70<\/span><\/p>\n<\/td>\n

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84.66<\/span><\/p>\n<\/td>\n<\/tr>\n

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Brent<\/span><\/b><\/p>\n<\/td>\n

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-1.02<\/span><\/p>\n<\/td>\n

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89.00<\/span><\/p>\n<\/td>\n<\/tr>\n

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Gold<\/span><\/b><\/p>\n<\/td>\n

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0.690<\/span><\/p>\n<\/td>\n

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2,408.70<\/span><\/p>\n<\/td>\n<\/tr>\n

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EUR\/USD<\/span><\/b><\/p>\n<\/td>\n

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0.0023<\/span><\/p>\n<\/td>\n

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1.064<\/span><\/p>\n<\/td>\n<\/tr>\n

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JPY\/USD<\/span><\/b><\/p>\n<\/td>\n

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-0.03<\/span><\/p>\n<\/td>\n

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154.66<\/span><\/p>\n<\/td>\n<\/tr>\n

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10-Year Note<\/span><\/b><\/p>\n<\/td>\n

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-0.023<\/span><\/p>\n<\/td>\n

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4.635%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Sector Movers Today<\/p>\n