Tech stocks rebound from the lows to leave US equities largely unchanged

Closing changes for the main North American market indexes:

• S&P 500 +0.1%
• DJIA +0.2%
• Nasdaq Comp -0.2%
• Russell 2000 -0.2%
• Toronto TSX Comp -0.1%

Energy was the leader today with oil climbing close to $1 and natural gas up 1%.

Tomorrow we get earnings from big tech starting with Microsoft and Alphabet but I'll be carefully watching Cleveland-Cliffs and Whirlpool for signs of economic strength. Cliffs has some torque towards autos and there is some visbility there towards a slowdown in 2024 while Whirlpool is leveraged towards durable goods Durable goods Durable goods, or durables are a type of consumer goods that are typically expected to last for three years or more. Examples include appliances, automobiles, furniture, and electronics. These items are often more expensive than non-durable goods, such as food or clothing, and are considered a significant purchase for consumers. In economic statistics, durable goods are used as an indicator of consumer spending and overall economic activity.They are particularly valuable as an indicator because Durable goods, or durables are a type of consumer goods that are typically expected to last for three years or more. Examples include appliances, automobiles, furniture, and electronics. These items are often more expensive than non-durable goods, such as food or clothing, and are considered a significant purchase for consumers. In economic statistics, durable goods are used as an indicator of consumer spending and overall economic activity.They are particularly valuable as an indicator because Read this Term spending, which is sensitive to rate hikes. They also usually offer insight on geographic areas of relative strength in the global economy.

Finally, we get earnings from First Republic and it's all about deposits. The company had $176B at year-end with the end-March estimate at $145B. How that goes will be big for the regional banks tomorrow but I don't think it's a systemic story for the larger market anymore.