Ten for Ten!
Stocks on Wall Street eked out gains on Thursday, supported by energy stocks and Trump’s promise to the chief executives of large U.S. companies to bring back home millions of lost jobs. In the meeting with some 20 odd CEOs, Trump said that he plans on bringing back jobs in the millions, without specifying a precise program to combat the decades-long trend of disappearing factory jobs.
Trump is expected to present a series of proposals that have the ability to help out American firms, from tax reform and slashing regulation to boosting infrastructure spending, all key election platforms. These very promises helped push stocks to new highs, the S&P 500 having recorded gains of over 10% since the elections.
Investors, that notwithstanding, are looking for greater clarity regarding these proposals, which has relegated the S&P 500 to a narrow trading range. The index has not recorded movement of over 1% in either direction since December 7th.
In summary for the day, the Dow Jones recorded gains of 0.17%. The S&P 500 tacked on 0.04%, the NASDAQ slipping 0.43%.
Yesterday, the Dow succeeded in recording its 10th straight day of historic highs, its longest winning streak since 1987.
Energy stocks (XLE) recording gains of 0.5%, making the sector the best-performing on the S&P 500 on the background of a sharp rise in crude prices. In contrast, retail stocks (XRT) closed sharply off by 1% with strong losses at the end of the trading day.
The NASDAQ recorded its sharpest losses of the month on the heels of a 9.3% plunge in NVIDIA (NVDA). The brokerage firm, BMO, slashed its rating on the stock to “underperform,” lowering its share price target by $15 to $85.
L Brands (LB) was cut down to size by 15.8%, closing at $48.94 and recording the worst performance on the S&P 500, after the company reported weak sales in the women’s premium undergarment unit, Victoria Secrets, the largest business held by the company.
Boston Scientific (BSX) shed 2.7% after the company recalled its Lotus Valve line of heart valve devices due to a problem in the closing mechanism. The stock of its competitor, Edward Lifesciences (EW), soared 3.8% in response.
On the S&P 500, 65 stocks rose to new 52-week highs, 2 dipping to new yearly lows; on the NASDAQ, 132 stocks recorded new 52-week highs, 39 falling to new yearly lows.
About 7.11 billion shares changed hands on U.S. exchanges, above the 6.79 billion average over the last 20 trading days.
Friday: When considering that the Dow Jones has recorded historic highs on 10 of the last 10 trading days, we wouldn’t be surprised to see the bulls on Wall Street catching their breath a little in the near future. The market is on track for a rest period – if not a correction. The market is at extreme oversold levels. It goes without saying that investors will continue responding to the economic figures being released, and this coming week, we’re going to get a suite of figures, from Gross Domestic Product (GDP) to inflation and car sale figures. Additional focus will continue to be placed on Washington.
Investors are expecting slim pickings on today’s Economic Diary, with new home sales and the Consumer Confidence Index at 10:00 N.Y. time. Earnings reports before opening are expected from JCP, FL, COG, and TRVG.
Friday’s Hot Stocks: TRVG, COG, FL, ACIA, OLED, HPE, JWN, INTU
Have a great trading day!
|Wednesday||10:00||Existing Home Sales||5.57M||Medium|
|Thursday||9:00||FHFA Housing Price Index||0.4%||Medium|
|Friday||10:00||Michigan Sentiment – Final||95.8||High|
|Friday||10:00||New Home Sales||566K||Medium|
|WAB||Westinghouse Air Brake Technologies Corporation||AM||Tuesday|
|EXPD||Expeditors International of Washington, Inc.||AM||Tuesday|
|AAP||Advance Auto Parts, Inc.||AM||Tuesday|
|GPC||Genuine Parts Company||AM||Tuesday|
|HD||The Home Depot, Inc.||AM||Tuesday|
|WMT||Wal-Mart Stores, Inc.||AM||Tuesday|
|EXAS||Exact Sciences Corporation||AM||Tuesday|
|ARIA||ARIAD Pharmaceuticals, Inc.||AM||Tuesday|
|PWR||Quanta Services, Inc.||AM||Tuesday|
|XPO||XPO Logistics, Inc.||PM||Tuesday|
|FSLR||First Solar, Inc.||PM||Tuesday|
|WLL||Whiting Petroleum Corporation||PM||Tuesday|
|NEM||Newmont Mining Corporation||PM||Tuesday|
|WCN||Waste Connections, Inc.||PM||Tuesday|
|NFX||Newfield Exploration Company||PM||Tuesday|
|SIX||Six Flags Entertainment Corporation||AM||Wednesday|
|LAMR||Lamar Advertising Company||AM||Wednesday|
|NCLH||Norwegian Cruise Line Holdings Ltd.||AM||Wednesday|
|DISH||DISH Network Corporation||AM||Wednesday|
|SO||The Southern Company||AM||Wednesday|
|TJX||The TJX Companies, Inc.||AM||Wednesday|
|EV||Eaton Vance Corp.||AM||Wednesday|
|TOL||Toll Brothers, Inc.||AM||Wednesday|
|WPX||WPX Energy, Inc.||PM||Wednesday|
|NBR||Nabors Industries Ltd.||PM||Wednesday|
|SLCA||U.S. Silica Holdings, Inc.||PM||Wednesday|
|OAS||Oasis Petroleum Inc.||PM||Wednesday|
|CLVS||Clovis Oncology, Inc.||PM||Wednesday|
|CAKE||The Cheesecake Factory Incorporated||PM||Wednesday|
|TSRA||Tessera Holding Corporation||PM||Wednesday|
|SM||SM Energy Company||PM||Wednesday|
|CTRP||Ctrip.com International, Ltd.||PM||Wednesday|
|LB||L Brands, Inc.||PM||Wednesday|
|CLR||Continental Resources, Inc.||PM||Wednesday|
|RRC||Range Resources Corporation||PM||Wednesday|
|ZBRA||Zebra Technologies Corporation||AM||Thursday|
|ACIA||Acacia Communications, Inc.||PM||Thursday|
|HPE||Hewlett Packard Enterprise Company||PM||Thursday|
|BMRN||BioMarin Pharmaceutical Inc.||PM||Thursday|
|GPS||The Gap, Inc.||PM||Thursday|
|FL||Foot Locker, Inc.||AM||Friday|
|COG||Cabot Oil & Gas Corporation||AM||Friday|
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