The benchmark S&P 500 Index's performance doesn't always track with every individual sector or company. Everything doesn't go up or down at the same time.
Consider the Dow Jones Industrial Average, for example...
This famed index is how most folks check the health of blue-chip companies across various sectors and industries. It tracks 30 of the largest businesses in the U.S. – including UnitedHealth (UNH), Microsoft (MSFT), Goldman Sachs (GS), McDonald's (MCD), and Home Depot (HD).
So far this year, the Dow is lagging the S&P 500. And its Power Gauge report is underwhelming...
Our system is "bullish" on the S&P 500. But it currently holds a "neutral" grade on the Dow. In fact, only nine of the 30 stocks in the index earn a "bullish" or better rating.
Let's take a closer look at what that means today...
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We'll start with the Dow's underperformance in 2023. It's easy to see on a chart...
The Dow is up around 2% in 2023. Meanwhile, the S&P 500 is up more than 11% over the same span.
Keep in mind that the Dow only represents 30 companies. It tracks a more specific segment of the market than the S&P 500 – the so-called "blue chips." So it's easier for the Dow to diverge from time to time.
That might seem obvious. But it can lead to a big performance difference if some of those stocks struggle...
That's the case with several of the 30 companies in the Dow today.
For example, Walgreens Boots Alliance (WBA) is down roughly 17% this year. And the Power Gauge is currently "very bearish" on the company.
On the flip side, the Nasdaq 100 Index is the real star of the 2023 show...
This index includes 100 of the largest nonfinancial companies on the Nasdaq stock exchange. It's focused on technology, growth, and innovation. So it's a way for us to know how these types of companies are doing at any given time.
As you can see in the following chart, the Nasdaq 100 is crushing the S&P 500. It's up more than 30% this year. Take a look...
We're clearly seeing a big disparity in the stock market this year. And again, it boils down to one thing...
Sector performance.
We live in a world that relies more and more on the latest digital and technological innovations. And the Nasdaq 100's performance shows that investors are buying back into the high-growth potential of these businesses right now.
But the big blue-chip stocks you would expect to soar in a market rally are moving slower.
Investors like us need to keep both these market trends in mind...
As we head into the summer, it's clear that technology is leading the way this year. And other corners of the market are performing much worse.
It's a simple yet powerful observation. And fortunately, the Power Gauge can help us...
Our system gives us the tools to dig into the individual stocks within each market sector. It helps us pinpoint the most attractive opportunities at any given time.
We want to make informed investment decisions. And the best way to do that is to follow the Power Gauge's lead.
Good investing,
Pete Carmasino
Market View
Major Indexes and Notable Sectors
# Hld: Bullish Neutral Bearish
Dow 30
+2.14%
9
18
3
S&P 500
+1.45%
151
256
92
Nasdaq
+0.75%
55
36
9
Small Caps
+3.59%
517
891
467
Bonds
-1.10%
Materials
+3.35%
5
19
5
— According to the Chaikin Power Bar, Small Cap stocks and Large Cap stocks are somewhat Bullish. Major indexes are mixed.
* * * *
Sector Tracker
Sector movement over the last 5 days
Discretionary
+3.31%
Real Estate
+3.11%
Materials
+3.06%
Industrials
+2.64%
Health Care
+2.19%
Financial
+2.12%
Communication
+1.61%
Energy
+1.43%
Information Technology
+1.29%
Utilities
+0.82%
Staples
+0.25%
* * * *
Industry Focus
NYSE Technology Services
29
6
0
Over the past 6 months, the NYSE Technology subsector (XNTK) has outperformed the S&P 500 by +19.56%. Its Power Bar ratio, which measures future potential, is Very Strong, with more Bullish than Bearish stocks. It is currently ranked #1 of 21 subsectors.
Top Stocks
QCOM
QUALCOMM Incorporate
AMAT
Applied Materials, I
INTU
Intuit Inc.
* * * *
Top Movers
Gainers
DISH
+16.24%
MMM
+8.75%
CAT
+8.40%
CE
+8.10%
CZR
+7.68%
Losers
TMUS
-5.56%
COO
-4.74%
T
-3.80%
VZ
-3.19%
ANET
-2.51%
* * * *
Earnings Report
Reporting Today
Rating
Before Open
After Close
SAIC
No earnings reporting today.
Earnings Surprises
No significant Earnings Surprises in the Russell 3000.
* * * *
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