NASDAQ Led Higher by Tech Stocks

Stocks on Wall Street succeeded in eking out gains on Monday, tech stocks taking the lead after investors voiced optimism in advance of the kickoff of the Q2 earnings season.

The tech sector (XLK) recorded gains of 0.8%. As a whole, the sector is expected to record strong Q2 earnings growth. Firms on Wall Street are expected to start releasing their numbers for the second quarter, with the first reports expected from banks towards the end of the week, including but not limited to J.P. Morgan (JPM), Wells Fargo (WFC) and Citigroup (C). Based on analysts’ consensus, as of today, S&P 500 firms are expected to record year-over-year Q2 earnings growth of 7.9%.

In Summary for the Day: The Dow Jones ended lightly down by 0.03%, the S&P 500 seeing light gains of 0.09%. The NASDAQ tacked on 0.38%.

SNAP Inc. (SNAP) fell beneath its issue price of $17 yesterday for the first time, hitting a low at the $16.95 level. The stock closed at the $16.99 level, off 1.1% on the day. SNAP had been the hottest tech IPO in years after it went public in March of this year. Amazon (AMZN) rallied 1.8% to the $996.47 level, as the online behemoth readied its Prime Day launch. The stock, Best Buy (BBY) fell 6.3% to the $54.23 level.

On the S&P 500, 27 stocks rose to new 52-week highs, 11 dipping to new yearly lows; on the NASDAQ, 81 stocks recorded new 52-week highs, 69 falling to new yearly lows. Trading volumes were anemic, 5.6 billion shares trading hands on U.S. exchanges, stacked up against the 6.9 billion average over the last 20 trading days.

Tuesday: On the heels of this past Friday’s strong employment figures, which gave the Fed the green light to continue its monetary tightening initiative, as this week starts winding down on Thursday, investors will undoubtedly continue to keep their eyes peeled for retail chain sales figures, and the PPI and CPI, both barometers of inflation. The Federal Reserve is interested in seeing inflation come out at an annual clip of 2%, having announced in the past that it’s one of the conditions for a rate hike.

The economic figures that are expected today will include the NFIB small business optimism survey at 6:00 N.Y. time and wholesale trade figures at 10:00, along with the JOLTS employment figures, i.e. one of the most important figures to the Fed.

The beverage giant, PepsiCo (PEP) is expected to report before the opening bell.

Index Last Daily change
DJX (0.03%) 21,409 Down
SPX 0.09% 2,427 Up
Nasdaq 0.38% 6,176 Up

Tuesday’s Hot Stocks: CUDA, ARNA, CTXS, PEP

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAY TIME (EST) Event Forecast Impact
Tuesday 6:00 NFIB Small Business Optimism Index Medium
Tuesday 10:00 JOLTS Medium
Tuesday 10:00 Wholesale Trade Medium
Wednesday 8:30 Janet Yellen Speaks -0.5% Medium
Wednesday 10:00 Janet Yellen Testifies Medium
Wednesday 10:30 Crude Oil Inventories 185K Low
Thursday 8:30 Initial Claims 244K High
Thursday 8:30 PPI -$46.1B High
Friday 8:30 Consumer Price Index 56.6 High
Friday 8:30 Retail Sales Medium
Friday 9:15 Industrial Production 173K Medium
Friday 10:00 Business Inventories 4.3% Medium
Friday 10:00 Consumer Sentiment High

 

Earning Calendar

 

Symbol Company AM/PM Day
HELE Helen of Troy Limited AM Monday
PEP PepsiCo, Inc. AM Tuesday
OZRK Bank of the Ozarks, Inc. AM Wednesday
FAST Fastenal Company AM Wednesday
DAL Delta Air Lines, Inc. AM Thursday
PNC The PNC Financial Services Group, Inc. AM Friday
C Citigroup Inc. AM Friday
WFC Wells Fargo & Company AM Friday
JPM JPMorgan Chase & Co. AM Friday

  

Today’s Picks – Day Trading!

Symbol Breakout Breakdown Momentum Momentum
STT 92 CF CARA
CLVS 97.00 WUBA M
PCG 65 TROW DKS
AAP 99.13 NVDA KSS
TJX 68.22 DHI WSM
  LILAK WMT
  OMER ANF
  WR

 

New York Strategy Swing

# Date Stock Long\

Short

Statues Data Close Profit\

Loss

1 14.6.2017 SIG Short Close 23.6.2017 +2.29%
2 16.6.2017 AABA (YHOO) Long Close 26.6.2017 +3.14%
3 21.6.2017 KR Short Close 27.6.2017 -2.75%
4 29.6.2017 DKS Short Close 3.7.2017 +1.04%
5 6.7.2017 HAIN Long Open   +0.99%
6 6.7.2017 DKS Short Open   +4.24%
7 10.7.2017 ORCL Long Open +0.32%
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18    

 

Today’s Picks – Swing “New-York Strategy

No.1 –    YUMC

Company Name
Yum China Holdings,
Entry Point 36.84
Stop Area 37.66
1st Target 36.20
Swing Target 33.56
Avg. Volume 3.38M
Sector Services | Restaurants
Earning Date
Risk Rate Normal
Risk\Reward Ratio 4.00:1