Picks of the Day December 20, 2017.
Sell the News!
Stocks on Wall Street took a step backwards on Tuesday, the enthusiasm about the high chances of tax reform being passed into law offset by concerns about the monetary policy in place now for years and the future of interest rates.
The House of Representatives passed its tax bill yesterday afternoon. The Senate then followed up by revising three elements of the bill, one of them being the bill’s title. At this point, the Senate version has been voted on and approved and now the House of Representatives, having to vote on legislation identical to the Senate version, will vote again today on the Senate’s bill, before it’s sent to the President for his signature.
Stocks deepened their losses after Congress’s vote yesterday, after weeks of gains driven by the optimism that the tax cut would create a surge in firms’ earnings and the U.S. economy. Some investors are claiming that a lot of these benefits are already priced into stock valuations.
The S&P 500 has already risen 5% since mid-November, when Congress presented its tax bill.
Daily Summary: The Dow Jones fell 0.15%, the S&P 500 shedding 0.32%. The NASDAQ closed off 0.44%.
One of the stocks that stood out in yesterday’s trading was Apple (AAPL), which fell 1.1% after the broker, Instinet, lowered its rating on the stock to neutral, noting that the balance between demand and supply for the iPhone X reflects very little room for a sales increase next quarter.
ZBH soared 6.1%, making it the strongest stock on the S&P 500 after appointing a new CEO.
Trading volumes stood at 6.6 billion shares, beneath the 6.8 billion average over the last 20 trading days.
Wednesday: Investors today are keeping their eyes peeled for existing home sales at 10:00 N.Y. time, after the new home sales figure came out yesterday above analysts’ projection. Weekly oil inventories will be released at 10:30.
Earnings numbers are expected today from General Electric (GIS) before opening.
Today’s Hot Stocks: FDX, GIS, SFIX, RHT, MU, SCS
Have a great trading day!
|Monday||10:00||Housing Market Index||70||Medium|
|Tuesday||8:30||Housing Starts||1.240 M||Medium|
|Wednesday||10:00||Existing Home Sales||5.520 M||Medium|
|Thursday||8:30||Jobless Claims||234 K||Medium|
|Thursday||9:00||FHFA House Price Index||0.4 %||Medium|
|Friday||8:30||Durable Goods Orders||2.0 %||Medium|
|Friday||8:30||Personal Income and Outlays||0.4 %||Medium|
|Friday||10:00||New Home Sales||650 K||Medium|
|Friday||8:30||Empire State Mfg Survey||-0.1||Medium|
|KB||KB Financial Group Inc.||AM||Monday|
|DRI||Darden Restaurants, Inc.||AM||Tuesday|
|NAV||Navistar International Corporation||AM||Tuesday|
|WOR||Worthington Industries, Inc.||AM||Tuesday|
|MU||Micron Technology, Inc.||PM||Tuesday|
|RHT||Red Hat, Inc.||PM||Tuesday|
|GIS||General Mills, Inc.||AM||Wednesday|
|MLHR||Herman Miller, Inc.||PM||Wednesday|
|BBBY||Bed Bath & Beyond Inc.||PM||Wednesday|
|CAG||Conagra Brands, Inc.||AM||Thursday|
Today’s Picks – Day Trading!
New York Strategy Swing
Today’s Picks – Swing “New-York Strategy”
No.1 – TSCO
|Sector||Services | Specialty Retail, Other|