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.

IndexLastDaily change
DJX(0.03%)21,409Down
SPX0.09%2,427Up
Nasdaq0.38%6,176Up

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

IPOs: None

Have a great trading day!

 

Economic Calendar

 

DAYTIME (EST)EventForecastImpact
Tuesday6:00NFIB Small Business Optimism IndexMedium
Tuesday10:00JOLTSMedium
Tuesday10:00Wholesale TradeMedium
Wednesday8:30Janet Yellen Speaks-0.5%Medium
Wednesday10:00Janet Yellen TestifiesMedium
Wednesday10:30Crude Oil Inventories185KLow
Thursday8:30Initial Claims244KHigh
Thursday8:30PPI-$46.1BHigh
Friday8:30Consumer Price Index56.6High
Friday8:30Retail SalesMedium
Friday9:15Industrial Production173KMedium
Friday10:00Business Inventories4.3%Medium
Friday10:00Consumer SentimentHigh

 

Earning Calendar

 

SymbolCompanyAM/PMDay
HELEHelen of Troy LimitedAMMonday
PEPPepsiCo, Inc.AMTuesday
OZRKBank of the Ozarks, Inc.AMWednesday
FASTFastenal CompanyAMWednesday
DALDelta Air Lines, Inc.AMThursday
PNCThe PNC Financial Services Group, Inc.AMFriday
CCitigroup Inc.AMFriday
WFCWells Fargo & CompanyAMFriday
JPMJPMorgan Chase & Co.AMFriday

  

Today’s Picks – Day Trading!

SymbolBreakoutBreakdownMomentumMomentum
STT92CFCARA
CLVS97.00WUBAM
PCG65TROWDKS
AAP99.13NVDAKSS
TJX68.22DHIWSM
 LILAKWMT
 OMERANF
 WR

 

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%
56.7.2017HAINLongOpen +0.99%
66.7.2017DKSShortOpen +4.24%
710.7.2017ORCLLongOpen+0.32%
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Today’s Picks – Swing “New-York Strategy

No.1 –    YUMC

Company Name
Yum China Holdings,
Entry Point36.84
Stop Area37.66
1st Target36.20
Swing Target33.56
Avg. Volume3.38M
SectorServices | Restaurants
Earning Date
Risk RateNormal
Risk\Reward Ratio4.00:1