Your Tuesday Blip 3/30/21

Your Tuesday Blip 3/30/21

Stocks pulled back today with tech shares leading the way lower thanks to a rise in interest rates. At the close the Dow was down 104 points to 33,066. Trading volume was low and IBD market indicators are positive. After three consecutive days of gains to an all time high the Dow deserves a rest.
Shortages continue to affect certain industries. Tesla said battery shortages are delaying production of its semi-truck and shares of Apple were lower after its contract manufacturer Foxconn warned of “materials shortages” amid tight global chip supplies. It seems that semiconductor shortages that first hit the auto industry are now spreading to smartphones. Foxconn said the impact should be limited in that it will only affect 10% or order and said it is closely monitoring the situation.
In economic news US home prices posted an 11.2% annual gain in January reaching its highest recorded level since February 2006. The S&P CoreLogic Case-Shiller national home price index is a composite index covering 20 cities in the US.
Consumer confidence is on the rise jumping 19.3 points in March thanks to stimulus checks, vaccines and the full reopening of several states. This was the largest one month increase since March of 2003. The Expectations reading also shot higher going from 90.9 to 109.6. The conference board also noted that survey respondents indicated solid buying plans for cars, furniture, appliances and vacations. All good stuff!