Good MorningThe equity market correction accelerated on Monday with the major indices shedding more than 2.0% on an intraday basis. The total losses for the S&P 500 reached 10% at the low of the day but there is good news. The daily low coincided with an important support target and, so far at least, buyers are confirming that support.
On a technical basis, the broad-market S&P 500 bounced from the low of the day forming a hammer doji at key support target. The market may linger at these levels but it looks like the bulk of the selling is over for now. The next hurdle will be the 3rd quarter earnings reporting cycle which gets underway this week. Reports from likes of Nike, Costco, Carmax, and FedEx will set the market tone for the next few weeks at least.
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Markets | | | A Tidal Wave With Tailwinds Will Push Domino’s Pizza HigherDomino’s Pizza (NYSE:DPZ) has a long history of analysts upgrades. Since the first quarter of 2020 there have been at least 25 major analysts calls and they are all bullish. The updates range from simply reiterated buys to outrig... Read the Full Story |
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Markets | | |
It’s hard to find a bullish argument for Aurora Cannabis (NYSE:ACB). ACB stock has fallen 74% for the year. And that’s not the worst news. The company’s stock has also fallen 16% since the middle of March at the onset of the pandemic.
And while the stock got one bounce of nearly... Read the Full Story |
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In the electric vehicle (EV) space, companies like Tesla, Nikola, and NIO garner much of the market's attention due their massive growth potential as automakers. Then there are some smaller, lesser-known players that stand ready to grab a meaningful slice of the EV pie.
San Diego-based Beam Globa... Read the Full Story |
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Markets | | | In August, used car prices recorded their highest monthly gain since March 1969, with prices jumping 5.4% from July. Those gains followed a strong July, when used car prices increased 3.4% over June levels.
People are investing a lot of money into used cars, and automotive aftermarket parts supplie... Read the Full Story |
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Markets | | | Walmart Has Corrected, It’s Time To Buy Some More
Shares of Walmart (NYSE:WMT) hit an all-time earlier this month driven by rising revenue, growing profits, and tailwinds from the pandemic. Since then, the stock has corrected more than 10% and offering up an attractive entry for long-term inv... Read the Full Story |
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The Early Bird Stock Of The Day Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as base oils and lubricants. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas. | | View Today's Stock Pick |
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