Strong Q4 Kickoff!
Stocks on Wall Street kicked off Q4 on a positive note on Monday, all 3 major indexes achieving new historic highs, as economic figures pointed to underlying strength. The industrial activity index soared this past month to a high not seen in 13-and-a-half years.
The optimism about the tax reform also continued to support stocks. Last week, President Trump unveiled the largest tax reform in 3 decades. Small-cap stocks on the Russell 2000 continued advancing to new all-time highs. Small stocks are expected to be the biggest winners from the tax cut. There are still a lot of details that need to be stamped out in the new tax plan, but the market is definitely ready to believe that something good is on its way!
Daily Summary: The Dow Jones climbed 0.68%, the S&P 500 rallying 0.39% and the NASDAQ rising 0.32%.
About 6.3 billion shares traded hands on U.S. exchanges, above the average seen over the last 20 trading days.
Tuesday: September car sales will command most of traders’ attention today on Wall Street – and are likely to surge in light of the wide-scale damage wrought to thousands of cars as hurricanes Harvey and Irma reigned supreme. Economists expect to see the annual clip of car sales climb past 17 million, after 5 straight months which saw the clip coming out far beneath.
Earnings reports are expected today from LEN and PAYX before opening.
Today’s Hot stocks: TSLA, LEN, PAYX, EFX
Have a great trading day!
|Monday||9:45||PMI Manufacturing Index||53||Medium|
|Monday||10:00||ISM Mfg Index||58|
|Monday||10:00||Construction Spending||0.3 %||Medium|
|Wednesday||8:15||ADP Employment Report||150,000||Medium|
|Wednesday||9:45||PMI Services Index||55.1||Medium|
|Wednesday||10:00||ISM Non-Mfg Index||55.4||Medium|
|Wednesday||15:15||Janet Yellen Speaks||21st Century Conference in St. Louis.||Medium|
|Thursday||8:30||Chain Store Sales||270 K||Medium|
|Thursday||8:30||Jobless Claims||265 K||Medium|
|Thursday||10:00||Factory Orders||0.9 %||Medium|
|Friday||8:30||Unemployment Rate – Level||4.4 %||High|
|Friday||8:30||Average Hourly Earnings||0.3 %||High|
|Friday||10:00||Wholesale Trade||0.7 %|
|STZ||Constellation Brands, Inc.||AM||Thursday|
|YUMC||Yum China Holdings, Inc.||PM||Thursday|
|HELE||Helen of Troy Limited||PM||Thursday|
|COST||Costco Wholesale Corporation||PM||Thursday|
Today’s Picks – Day Trading!
New York Strategy Swing
Today’s Picks – Swing “New-York Strategy”
No.1 – ABT
|Company Name||Abbott Laboratories|
|Sector||Healthcare | Medical Appliances & Equipment|
|Earning Date||18 Oct|
No.2 – BBY
|Sector||Services | Electronics Stores|
Risk Rates: Normal – Regular size, High –Consider reducing size, Low – Consider increasing size