00:00 Speaker A

There is the closing bell on Wall Street, and now it's market domination overtime. Jared Blickre is going to be along in a moment to give us the details from today. I'm going to start with the major averages, which saw a little bit of bouncing around over the course of the session, the Dow ending the day finally in the red by more than 90 points here. I remember we got that economic data this morning. First we got ADP showing a gain of 37,000 private sector jobs last month. Now, most economists say, that doesn't really give us a lot of insight into what we'll hear from the Bureau of Labor Statistics, the official government report on Friday. Nonetheless, markets initially reacted, and then they reacted even more when later in the morning, we got the ISM services report that showed unexpected contraction in the services economies, which has been it's by far the largest part of the US economy, and it's been holding up pretty well. So that caused a little bit of concern, raised some questions about what that means for the Fed and how quickly and aggressively they will be cutting rates. The S&P 500, also, a lot of intraday volatility, finishing the day almost absolutely unchanged, and the Nasdaq hanging on to some gains, but you can see they're up a 31%. By the way, you can see on all of the charts when that ISM number came out, a brief dip before a comeback there for the Nasdaq. Jared's got a closer look at today's action.

02:15 Jared Blickre

Yes, beware that soft data and good thing it's just soft. Um, Nasdaq, I'm looking at this in particular because here's a one-month chart. It broke out yesterday to a three-week new high, and it continued that today. It's not a huge breakout, but I think investors will take that because we were kind of in limbo for a little bit. Then I'm noticing two markets where which have dropped and where that's a good thing. So the first is the VIX, which is dropped to a two-week low. Again, this is a one-month chart, and we can see meeting the, uh, basically May 16th, I think it was. And then the 30-year Treasury note yield, and that is down to below 4.9%, 4.89% to be exact here. Another two-week low. So that's good news for investors that was causing some consternation last week. And let's take a look at the heat maps and see how the day's sector action panned out. XLC, that is Communication Services, finished in the number one slot, up twice what materials was in the number two slot. Real estate, number three, then healthcare, tech, industrials, all of those outperforming on the top row. To the downside, a bad day for crude oil is a bad day for energy. Also utilities down, then staples, financials, discretionary, all of those down. So the consumer sector not doing too well today, but here's the Nasdaq 100, and you can see a lot more green than red, especially in the mega caps. Meta was a standout up 3%. Tesla standout to the downside, down three and a half percent. Apple also down just a little bit there, and Nvidia still holding on to that number one market cap slot, uh, market cap slot in the upper left there, and we can see that is up to $3.461 trillion. And I'll close here on the Dow and put the percentage gains for the day back on there. And we can see a little bit of a hiccup in the consumer sector as I was saying, Walmart down two-thirds of a percent. JP Morgan slipped about eight tenths of a percent. Merk though, up one and a half percent. So bucking the trend of some of the problems that the healthcare sector has had recently with regard to their stock prices. And I will send it back to you, Josh.

05:40 Josh

Thank you, Jared.