Performance: index tables and Mag7 chart/table updated thru yesterday’s close

MA breadth charts updated thru yesterday’s close

Skills gap for manufacturing (blue) and services (orange) sectors deteriorated further in April per Richmond Fed data … not nearly as bad as lows in 2021, but back in contraction

Year/year change in new single-family home sales accelerated in March … not back to prior highs but still in healthy territory

Mag7 group has had a near-3% gain over past two days, but that’s not nearly as strong as prior bounces over past couple years
[Past performance is no guarantee of future results]

Year/year change in median price of new single-family home remained in negative territory in March, but decline was less bad relative to prior month

Easing in output prices component of ⁦S&P Global⁩ U.S. PMI has been consistent with broader disinflation, but question remains as to whether they’re stuck at a higher range

Two different directions for new orders (blue) and employment (orange) components in April Richmond Fed Manufacturing Index … former moved higher while latter deteriorated (both remain in contraction for now)

U.S.’ reliance on petroleum product imports has fallen markedly over past decade as production has picked up (alongside consumption)
⁦Financial Times⁩ ⁦U.S. Department of Energy⁩

Monthly supply of new single-family homes declined slightly in March but remained elevated relative to history

U.S. Composite PMI per ⁦S&P Global⁩ has moved lower but is still broadly consistent with solid GDP growth (in year/year terms)

Non-Manufacturing Index from Philly Fed remained in contraction in April but improved relative to prior month’s -18.3 print

Flying over Montana … never gets old

From my pal Julian Emmanuel at Evercore ISI … huge jump in % of companies mentioning AI on earnings calls … comes as management teams try to improve productivity, given we face a decline in the prime-age global workforce

All sectors except Materials finished the day higher; Comm Serv soared and remains YTD leader; small caps outperformed; Russell 2000 Value led the way but still weakest MTD

Market on Close:

▪️ Trading and technical analysis
▪️ Q1 earnings reports
▪️ Latest economic data
▪️ Fixed income markets

Cooper Howard and Nate Peterson join Oliver Renick on Schwab Network's Big Picture Panel. twitter.com/i/broadcasts/1…

Joining CNBC's Closing Bell with Scott Wapner today around 3pm ET

March new home sales surged +8.8% m/m vs. +0.9% est. & -5.1% prior (revised down from -0.3%)… median new home price -1.9% year/year to $430,700; average selling price at $524,800

April Richmond Fed Manufacturing Index (blue) rose to -7 vs. -8 est. & -11 in prior month…new orders increased; shipments rose…employment (orange) dropped to -2