After Trump Blunder, Market Loses its Thunder

Stocks on Wall Street succeeded in strengthening slightly on Wednesday, but ended far from the daily high in the face of growing concerns about both Donald Trump’s agenda and the Fed minutes, the latter pointing to bankers’ apprehension about low inflation.

Indexes shed some of their gains after two prominent CEOs resigned from Trump’s Business Council, as the backlash grew about the support he voiced last weekend for white supremacists in Virginia. It was the exit of 3M CEO which caused Trump to disband the Manufacturing Jobs Initiative and the Strategic and Policy Forum, piquing concern about Trump’s ability to advance legislation from his election campaign platform.

Volatility was on display on Wall Street after the release of the minutes from the Fed’s last meeting. Concerned about low inflation, some bankers called for a halt in new hikes until it becomes apparent that this is a transient, temporary trend. Over the last few months, investors have had their finger on the pulse on the drop-off in inflation, which has stubbornly remained beneath the Fed’s 2% target.  On the one hand, this economic state of affairs is likely to support stocks if the Fed decides to push off its next round of rate hikes; on the flipside, though, it could turn out that the Fed hiked rates too early and before the economy could adapt accordingly.

Real estate figures were another factor impacting on the day’s trading, having come out beneath expectations. Building permits and starts recorded an unexpected decline last month.

Daily Summary: The Dow Jones ended up 0.12%, the S&P 500 tacking on 0.14%, and the NASDAQ ending up 0.19%.

On the S&P 500 49 stocks recorded 52-week highs, 10 falling to new yearly lows. On the NASDAQ, 98 stocks recorded new 52-week highs, with 85 falling to new yearly lows.

About 5.8 billion shares traded hands on U.S. exchanges, compared with the 6.3 billion average over the last 20 trading days.

Thursday: Today’s trading will continue to be conducted in the shadow of Trump’s political maneuvers and the many economic figures which will be released. Last week’s unemployment claims will be released at 8:30 N.Y. time. At 9:15, industrial output figures will be released, and at 10:00, the Leading Indicators index will be released.

The world’s # 1 retailer, Walmart (WMT), will be releasing its numbers before opening, likewise, wrapping up the Q2 earnings season. Another reporting company of note will be Alibaba (BABA), the online retail giant also releasing its numbers before opening.

IndexLastDaily change
DJX22,0250.12%Up
SPX2,4680.14%Up
Nasdaq6,3450.19%Up

Today’s Hot Stocks: WMT, BABA, LB, CSCO, SNPS, VIPS, NTAP

IPOs: None

Have a great trading day!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday8:30Retail Sales0.3 %Medium
Tuesday8:30Empire State9.8Medium
Tuesday8:30Import and Export Prices0.2 %Medium
Tuesday10:00Business Inventories0.4 %Medium
Tuesday10:00Housing Market Index65Medium
Wednesday8:30Housing Starts1.225 MMedium
Wednesday10:30Oil Crude InventoriesLow
Wednesday14:00FOMC MinutesHigh
Thursday8:30Jobless Claims241 KMedium
Thursday8:30Philadelphia Fed Business Outlook Survey17.0 Medium
Thursday9:15Industrial Production0.3 %Medium
Thursday10:00Leading Indicators0.3 %Medium
Friday10:00Consumer Sentiment93.9High
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 


 

Earning Calendar

 

SymbolCompanyAM/PMDay
SYYSysco CorporationAMMonday
JDJD.com, Inc.AMMonday
AAPAdvance Auto Parts, Inc.AMTuesday
DKSDick’s Sporting Goods, Inc.AMTuesday
TJXThe TJX Companies, Inc.AMTuesday
HDThe Home Depot, Inc.AMTuesday
COHCoach, Inc.AMTuesday
AAgilent Technologies, Inc.PMTuesday
TGTTarget CorporationAMWednesday
CSCOCisco Systems, Inc.PMWednesday
NTAPNetApp, Inc.PMWednesday
SNPSSynopsys, Inc.PMWednesday
LBL Brands, Inc.PMWednesday
VIPSVipshop Holdings LimitedPMWednesday
MSGThe Madison Square Garden CompanyAMThursday
WMTWal-Mart Stores, Inc.AMThursday
BABAAlibaba Group Holding LimitedAMThursday
GPSThe Gap, Inc.PMThursday
ROSTRoss Stores, Inc.PMThursday
AMATApplied Materials, Inc.PMThursday
ELThe Estee Lauder Companies Inc.AMFriday
DEDeere & CompanyAMFriday
FLFoot Locker, Inc.AMFriday

 

 

 

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
WDAY106.75WUBACTRP
PRGO80WDAY 
WB88.88BZUN 
DLPH94.63MYOK 
VIAB29.65  
TEVA16.81  
ATUS30.30  
LNTH15.40 

 

 

 

 

 

 

 

 

 

 

 

 

New York Strategy Swing

#DateStockLong\

Short

StatuesData CloseProfit\

Loss

114.6.2017SIGShortClose23.6.2017+2.29%
216.6.2017AABA (YHOO)LongClose26.6.2017+3.14%
321.6.2017KRShortClose27.6.2017-2.75%
429.6.2017DKSShortClose3.7.2017+1.04%
56.7.2017HAINLongClose18.7.2017+2.52%
66.7.2017DKSShortClose13.7.2017+3.96%
710.7.2017ORCLLongClose13.7.2017+1.38%
813.7.2017YUMCShortClose31.7.2017+2.12%
918.7.2017LBShortClose20.7.2017+1.34%
1020.7.2017FIVEShortClose26.7.2017+1.97%
1121.7.2017HOGShortClose27.7.2017+0.39%
122.8.2017AKAMShortClose3.8.2017-1.12%
133.8.2017NKELongClose8.8.2017+0.02%
144.8.2017SBUXShortClose16.8.2017+2.40%
158.8.2017NTAPLongClose9.8.2017-1.17%
16
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Today’s Picks – Swing “New-York Strategy

No.1 –    KORS

Company NameMichael Kors Holdings
Entry Point44.58
Stop Area43.87
1st Target45.20
Swing Target46.26
Avg. Volume2.85M
SectorConsumer Goods | Textile – Apparel Clothing
Earning Date
Risk RateNormal
Risk\Reward Ratio2.37:1

No.2 – COMM

Company NameCommScope Holding Company
Entry Point32.68
Stop Area33.38
1st Target32.15
Swing Target31.03
Avg. Volume2.74M
SectorTechnology | Communication Equipment
Earning Date
Risk RateNormal
Risk\Reward Ratio2.36:1