Core Durable Goods Drop 0.9%

The stock market is rebounding after yesterday’s unpleasantness. So far, it appears to be the mirror image of yesterday’s action, just less so. Meaning, the best groups yesterday are the worst today, and the last shall be first. However, the magnitude of the move is far less.

We have two earnings reports due after the close. Stryker (SYK) will report as well Silgan Holdings (SLGN). Earnings will soon start to roll in. We have 12 reports due over the next ten days.

This morning’s durable goods report showed an increase of 2.4% for December. That comes after a 3.1% drop for November. The weak spot is that “core” durable goods fell by 0.9% last month. That’s the biggest drop in eight months. Core durable goods is a decent proxy for business spending.

Is the coronavirus peaking? Alpha Pro Tech (APT) is down 20% this morning. It jumped 120% in six days.

Posted by on January 28th, 2020 at 10:04 am


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