Global Semiconductor Sales Signal A Recession In 6 Months

Global Semiconductor Sales - Slight Decline Ends 3 Day Winning Streak

The stock market fell slightly, ending its 3-day winning streak. S&P 500 fell 9 basis points, Nasdaq fell 0.16%, and Russell 2000 fell 0.4%. This slight decline maintains the narrative that the S&P 500 can’t get above this ceiling which is a little bit above 2,800. 

Investors don’t pay much attention to these levels because if the fundamentals improve enough to justify a new record high, it will be achieved. Personally, I don’t see that occurring in the next few weeks. Even though the S&P 500 would only need to increase 4.35% to do so.

Global Semiconductor Sales - Boeing & Facebook Fall

Best 2 sectors on Thursday were technology and the financials which increased 0.2% and 0.41%. Worst 2 sectors were materials and industrials which fell 0.79% and 0.35%. Boeing stock fell 1.02%. It probably needs to stabilize for a few weeks before making a run higher.

Facebook stock fell 1.85% after its chief product officer, Chris Cox, and Chris Daniels, the leader of WhatsApp, announced they are leaving the company. Facebook might skirt regulations which meaningfully hurt the company. But the public’s increasing anger at the company probably is making some talent balk at the idea of working for the firm. 

That could have long term implications. The trade of buying Facebook because it was hated is now over. Its stock has rallied substantially. A tough part will be moving forward in a world highly focused on privacy. The public is waiting to criticize Facebook further if it missteps again. I don’t think Facebook and Instagram being down on Wednesday impacted the stock.

Global Semiconductor Sales - Utilities Are Very Overbought

While the utilities fell 0.14% on Thursday, they have been on fire this year. It’s surprising to see them do this well since the stock market has had an amazing first quarter. Usually, they are part of the risk off trade.

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