Good MorningEquity markets extended their gains on Tuesday and set another new all-time high. The caveat is that market action was greatly subdued compared to the prior two sessions. The S&P 500 advanced about 0.25% at the high of the day as momentum wanes. If the market can't get its legs under it and extend the rally the stage is set for another correction and this time it could be a full-blown 20% correction. Market action will likely be muted until Friday when the Bureau of Economic Analysis releases monthly income and spending data including the PCE price index.
Another focus for the market this week is the Fed's Jackson Hole conference. The Fed is not expected to alter its policy at the conference but commentary from the members could sway sentiment in the market. Regardless, the Fed has become more hawkish in recent weeks and appears set to begin tapering this fall.
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Stocks | | | One could argue that investors are currently experiencing the golden age of growth investing. With so many exciting new companies to choose from and plenty of businesses delivering rapidly accelerating earnings or sales growth, market participants are almost spoiled for choice when it comes to findi... Read the Full Story |
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Politics | | | Striking a deal with moderates, House Democratic leaders have muscled President Joe Biden’s multitrillion-dollar budget blueprint over a key hurdle, ending a risky standoff and putting the party’s domestic infrastructure agenda back on track.
The 220-212 vote Tuesday was a first move ... Read the Full Story |
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Markets | | |
Foot Locker (NYSE:FL) stock gapped up after a stronger than expected earnings report. However, bullish investors are undoubtedly frustrated at the company’s inability to push higher. As of this writing, FL stock is making another run at a level of resistance.
The compa... Read the Full Story |
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Politics | | | Devastating floods in western Germany last month likely caused insured damage to the tune of about 7 billion euros ($8.2 billion), an insurance industry group said Wednesday, significantly increasing its previous estimate.
More than 180 people died in Germany and hundreds more were in... Read the Full Story |
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Politics | | | SEOUL, South Korea — South Korea has reported 2,155 new coronavirus cases, nearly matching a record daily increase set earlier this month amid an alarming spread of infections.
With Wednesday's report, the country has tallied more than 1,000 new cases for 50 consecutive days, includin... Read the Full Story |
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Politics | | | SYDNEY — Australia’s New South Wales state has recorded another new daily high of 919 coronavirus infections. It also has had two more deaths related to COVID-19.
New South Wales’s previous high for a 24-hour period was 830 infections reported Sunday.
Health Minister Br... Read the Full Story |
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Politics | | | BOISE, Idaho — State leaders in Idaho are urging people to volunteer at hospitals to help health workers who are being swamped by a rising number of COVID-19 cases.
Idaho Public Health Administrator Elke Shaw-Tulloch says hospitals need help with everything from housekeeping to delive... Read the Full Story |
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Markets | | | You may be a victim of the psychological phenomenon of loss aversion without even realizing it.
Have you ever wanted to guard your money instead of "risking it" in the markets? Have you ever held onto stocks even though they're major losers and unlikely to come back — all because you can't st... Read the Full Story |
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Markets | | |
Another Good Quarter For Advance Auto Parts
Advance Auto Parts (NYSE: AAP) gave the market almost everything it could want with the Q2 earnings report, including a buying opportunity. Price action fell in pre-market trading but buyers were ready to scoop up the bargains and have sent driven share... Read the Full Story |
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Markets | | | Rent-to-own retailer Rent-A-Center (NASDAQ: RCII) is working on a first-stage base after resetting its base count in June. The stock is forming a textbook cup-with-handle pattern. At this juncture, a potential buy point is above the handle’s high of $65, reached on August 13. Read the Full Story |
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The Early Bird Stock Of The Day Patrick Industries, Inc. manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products. This segment also provides wrapped vinyl, paper, and hardwood profile mouldings; interior passage doors; air handling products; slide-out trim and fascia; treated, untreated, and laminated plywood; fiberglass and plastic helm systems and components; boat towers, tops, trailers, and frames; adhesives and sealants; thermoformed shower surrounds; specialty bath, and closet building products; wiring and wire harnesses; aluminum and plastic fuel tanks; CNC molds, composite parts, marine hardware; slotwall panels, components; and other products. The company's Distribution segment distributes pre-finished wall and ceiling panels, drywall and finishing products, electronic and audio system components, appliances, marine accessories, wiring products, electrical and plumbing products, fiber reinforced polyester products; cement siding products, raw and processed lumber, interior passage, roofing, laminate, and ceramic flooring products, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other products. This segment also offers transportation and logistics services. Patrick Industries, Inc. was incorporated in 1959 and is based in Elkhart, Indiana. | | View Today's Stock Pick |
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