Pisani: Energy Stocks Are 'On Fire,' Retail Sales Were 'Disappointing'
U.S. equities were trading slightly higher on Thursday with all major indices trading in the green. However, as CNBC's Bob Pisani pointed out Thursday morning, energy stocks are "on fire."
Pisani pointed out that the S&P Energy index was trading higher by more than 1.5 percent shortly after the opening bell. The reason for the outperformance versus other sectors was attributed to a rise in oil prices, an ongoing wild fire near Canada's oil sands and concerns out of Lybia.
Meanwhile, retail sales figures were "all disappointing," in particular L Brands Inc (NYSE: LB) given a 4 percent decline in Victoria's Secret comp sales and flat growth at Costco Wholesale Corporation (NASDAQ: COST).
"It was weak right across the board," Pisani said. "Everybody had a little disappointing year so you can't just say this is an L Brands particular problem with retail right now."
Finally, Pisani suggested the S&P 500's valuation at close to 18x forward earnings is "full" and it will be "tough" for the index to once again cross over the 2,100 mark.
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