Good MorningThe market had a bit of a mixed day on Wednesday following the first U.S. Presidential debate of the 2020 election cycle. Although equity traders largely shrugged off the event in favor of better than expected economic data by the end of the day the major indices had given up some of the gains leaving the S&P 500 up about 1.0% for the day. The data includes an upward revision to the final read on the 2nd quarter GDP as well as more current data from the labor, housing, and manufacturing sectors.
The GDP data underscores what we already know. The shut-down was bad but not as bad as expected and nowhere close to the worst-case scenario. The other data underscores a developing story in that the rebound is stronger than expected. On the labor front, the ADP employment report showed upward of 700,000 newly added jobs in September, better than expected and up from the previous month. Regarding housing and manufacturing, both the pending home sales and Chicago PMI data were up from last month and better than expected.
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Markets | | | FedEx (NYSE:FDX) and UPS (NYSE:UPS) are emerging as a pair of multi-story plays. Not only have the two been successfully increasing pricing their businesses have been accelerated by the pandemic and more. Read the Full Story |
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Markets | | | The leading U.S. builder of luxury homes, Toll Brothers (NYSE:TOL), is the perfect example. The company recently reported earnings and seems to be benefitting from increased demand and people leaving high-rises in urban markets in favor of the suburbs. Read the Full Story |
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Markets | | | Shares of Micron Technology (NASDAQ:MU) have not been performing all that well since hitting the pandemic-bottom. The share prices recaptured only a fraction of the pre-COVID highs and are still struggling with resistance. Read the Full Story |
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Markets | | | Nothing lasts forever – even the Apple (NASDAQ: AAPL) rally. After making a V-shaped recovery, shares spent much of June, July and August on the all-time high list. But September has been a different story, with shares dipping nearly 24% from peak to trough. AAPL has since clawed back som... Read the Full Story |
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Under normal circumstances, pharmaceutical companies are thought to be safer than most industries during periods of economic uncertainty. This year is unique in that the pandemic has led to fewer people going to the doctor and getting prescriptions, which ultimately impacts the sales for big pharm... Read the Full Story |
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