Still in slow motion. Non-farm payroll data came in Friday at 235K and markets had an “Oh Boy” bounce followed by a sleepy selloff. Everything is still in slow motion and Friday was no exception. YAWN 2.0.
The fintech sector inched up .69 points (0.06%) and the KFTX index settled at 1136.63. Only 2 stocks in the 50 stock index had a ‘significant move’ today which I define as 2 points and/or 3%.
PAY -1.26 (19.09) -6.19%
TREE +3.50 (118.90) +3.03%
Breadth showed 26 advances, 20 declines and 4 unchanged. Still groggy from the afternoon nap, but a good vodka should do the trick. Bye bye Friday.
For the week all the major averages showed small losses and finished quite soft. The KFTX fintech index was no different finishing the week at 1136.63, off 10.98 points or -1%. The fintech sector a little weaker overall. Lets take a look at which of those 50 stocks in the KFTX had a 3% change on the week.
ENV (35.10) -4.75%
EVTC (16.25) -5.80%
LC (5.31) +3.52%
PAY (19.09) -7.00%
RATE (10.40) -5.88%
SSNC (36.51) +4.38%
VRSK (79.94) -4.38%
WETF (9.95) +9.48%
So, a mixed week with 27 issues up, 21 down and 2 unchanged. Boring.
The week ahead is all about the FOMC meeting and (spoiler alert……..don’t read if you want to be surprised) the decision to increase interest rates. Shhhhhhh, promise not to tell? THEY WILL. So stay all worked up to hear something everyone already knows.
What will it mean to the markets? Hmmmmm, if everyone knows something ahead of time that should mean nothing happens. I’ll go with the old standby; CAUTION. We are in rarefied air up here and some downside should be accounted for. Or, NAP. That works too.