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.
Tuesday’s Hot Stocks: CUDA, ARNA, CTXS, PEP
Have a great trading day!
|Tuesday||6:00||NFIB Small Business Optimism Index||–||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|
|Friday||8:30||Consumer Price Index||56.6||High|
|HELE||Helen of Troy Limited||AM||Monday|
|OZRK||Bank of the Ozarks, Inc.||AM||Wednesday|
|DAL||Delta Air Lines, Inc.||AM||Thursday|
|PNC||The PNC Financial Services Group, Inc.||AM||Friday|
|WFC||Wells Fargo & Company||AM||Friday|
|JPM||JPMorgan Chase & Co.||AM||Friday|
Today’s Picks – Day Trading!
New York Strategy Swing
Today’s Picks – Swing “New-York Strategy
No.1 – YUMC
|Sector||Services | Restaurants|