After a three-day rally, investors appear to be taking a break ahead of Friday’s Consumer Price Index report
Looking to the skies, American Airlines announced it will have fewer international flights because of delays from Boeing in delivering their new 787 Dreamliner. Boeing is also losing out to its competitor Airbus. According to Reuters, Airbus appears to be winning the contract as the provider to Dutch KLM airline with planes. Boeing was trading 1.15% lower in premarket trading.
On Wednesday, communications, materials, and real estate were the top-performing sectors of the day, while consumer staples and financials lagged the market. However, the Technology Select Sector Index and the Real Estate Select Sector Index set new all-time highs. There are numerous theories why workers aren’t filling jobs, and no one theory seems to explain all the angles. One theory that has some credence is that many workers have chosen to work for themselves. According to Barron’s, the pandemic has sparked a record number of entrepreneurs. The Federal Reserve recorded a jump of more than 300,000 new business applications filed from April to June of 2020. While the number of applications has fallen by 50%, they remain well above pre-COVID-19 levels.
Another issue is that the group doesn’t usually attract attention until investors are looking for dividends or safety. This is a group the does best when the economy is weaker. When markets are falling, consistency suddenly looks very attractive.Investors appear to still be interested in hotter luxury stocks. The S&P Global Luxury Index broke a long-term resistance level in November. After retesting resistance as support, the index appears to be rallying once again.
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