Good MorningEquity markets held their ground on Tuesday despite renewed signals of economic contraction. The flash reading for both the Services and Manufacturing sector PMIs came in below expectation and with the services sector deep in contractionary territory. The reading of 44 is the fifth month of decline and the lowest reading since May of 2020 at the height of the pandemic lockdowns. The news may be a one-off but is compounded by a trend in data that suggests the economic slowdown that began in Q1 is still present in Q2. The Atlanta Federal Reserve's GDPNow tracking tool is still showing Q3 GDP above 0% but it has taken a noticeable downturn in recent weeks.
With the market in retreat, the economic data weak, and the PCE price index due out on Friday the odds of another major sell-off are high. The S&P 500 is still above the 30-day EMA but not by much and it won't take much to spark the move. Once the index is below 4,115 investors should expect to see downward momentum build and the index fall to 4,000 or lower.
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Retail/Wholesale | | Ok readers, please take your seats and buckle up, because Foot Locker (NYSE: FL) looks about ready to take off. Having hit their lower post-pandemic levels just last month as part of a 60% sell-off, shares of the sportswear retailer have recently rallied almost 70%. The biggest single jump took plac... Read the Full Story |
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From Our Partners | | CFA and CMT analyst Garrett Goggin called G2 Goldfields before it rose 1,023%, Reunion Gold before 538%, Highlander Silver before 741%, and Orogen Royalty before 416%. He also publicly predicted Newmont's 126% gain in 2025.
Now Goggin says the 1974 petrodollar agreement between Washington and Riyadh has quietly expired, central banks are buying gold at the fastest pace since 1950, and a major monetary shift is underway. He has identified four specific positions - plus two bonus opportunities for readers. | | Read the full briefing and see all four positions plus two bonuses |
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Finance | | Artificial intelligence-based lending platform Upstart Holdings (NASDAQ: UPST) was a pandemic-era winner, but has struggled since October of last year.
Other fintechs, including those with stadium naming rights - I’m looking at you SoFi Technologies (NASDAQ: SOFI) - are also well off previous... Read the Full Story |
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Medical | |
The allure of penny stocks is easy to understand. Simply put, a little can go a long way.
For example, investing $1,000 in a stock that’s trading for $1 dollar could net you a significant gain if the stock moves just a little higher. And penny stocks can make big moves quickly.
Of cour... Read the Full Story |
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From Our Partners | | One company has spent 60 years developing an energy source the International Energy Agency estimates at 140 times global electricity demand - with zero competition.
Last year, their crew drilled in 16 days what the government projected would take 64. Now Google has a 15-year deal locked in, Bill Gates has committed $100 million, and the Pentagon has made it a top priority. On August 18th, a new Washington policy adds another advantage rivals cannot match. | | See the full story behind the 60-year energy monopoly |
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Retail/Wholesale | |
Last year, Chipotle Mexican Grill, Inc. (NYSE: CMG) came within the price of a few burritos of reaching $2,000 a share. A surging digital business tied to the pandemic munchies propelled the stock to an all-time high. Nine months later, it slipped below $1,200.
Now up more than 30% off its summer... Read the Full Story |
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Markets | |
U.S. electric vehicle (EV) manufacturer Fisker Inc. (NYSE: FSR) stock has had its ups and downs in the past two-years. Shares peaked at $31.96 highs in March of 2021 and fell as low as $7.95 in June of 2022. Up until now, Fisker was a speculative pre-production electric vehicle (EV) play. However,... Read the Full Story |
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From Our Partners | | Washington has been valuing America's gold reserves at $42.22 an ounce - a 1973-era figure - while gold trades above $3,100 today. One executive order correcting that valuation could trigger the largest wealth transfer in modern American history.
The last time a president reset America's relationship with gold, one asset gained 2,300% in under a decade. Analysts are now watching for a potential executive order that could reprice those reserves and reshape the market. | | Find out what a gold revaluation order could mean for your portfolio |
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Retail/Wholesale | |
Shares of Dick’s Sporting Goods (NYSE: DKS) are moving higher in the wake of the Q2 earnings report but that is a current event and the price action was trending higher long before. The reason is a shift in the institutional activity that has short-sellers scrambling to maintain their positi... Read the Full Story |
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Technology | |
Palo Alto Networks (NASDAQ: PANW) is a well-established blue-chip quality tech player and yet still a driving force in next-generation cyber security technologies. The company’s Q4 results and outlook prove that not only is demand for cyber security still strong but the company is in one of ... Read the Full Story |
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Basic Materials | | Global demand for copper is soaring, but does that put suppliers like Freeport-McMoRan (NYSE:FCX), Teck Resources (NYSE: TECK) and Southern Copper (NYSE: SCCO) in a position to rally?
Copper is a crucial component in several areas poised for growth: Electric vehicles, wind and solar power, and the... Read the Full Story |
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Industrials | |
Industrial stocks are ideal to buy in a bull market. Companies tend to increase spending when their cost of capital is cheap. But with rising interest rates, an uncertain employment picture, and geopolitical concerns industrial stocks look less compelling.
And as an overall sector, that’s... Read the Full Story |
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Consumer Staples | |
Besides the shared nomenclature, Beyond Meat, Inc. (NASDAQ: BYND) may have more in common with Bed Bath & Beyond than “meats” the eye.
Last week shares of the specialty retailer soared as high as $30 despite an absence of news. Traders bought more than $130 million worth of the po... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day Cactus, Inc., together with its subsidiaries, designs, manufactures, sells, and leases pressure control and spoolable pipes in the United States, Australia, Canada, the Middle East, and internationally. It operates through two segments, Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand name through service centers. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells. This segment also provides field services to install, maintain, and handle the equipment. The Spoolable Technologies segment designs, manufactures, and sells spoolable pipes and associated end fittings under the FlexSteel brand name. Its products are primarily used to transport oil, gas, and other liquids. This segment also provides field services and rental items through service centers and pipe yards, as well as offers equipment and services internationally. In addition, the company offers repair and refurbishment services. Cactus, Inc. was founded in 2011 and is headquartered in Houston, Texas. | | View Today's Stock Pick |
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