Good MorningEquity markets advanced on Thursday in hopes the US would reach a debt-ceiling agreement soon. The move led the S&P 500 up nearly a full percentage point to reach the highest level in more than 6 months. The new high may attract new buyers and result in another high, but the market is not out of the woods. The S&P 500 is trading within a tight range that has capped stocks for over a year. A move up to 4,300 is expected, but more than that is just a guess.
Retail earnings are mixed so far. Some are beating expectations, a few are guiding the year higher, but all indicate weakness in the 2nd quarter. The risk for the market is that weakness will linger into the 3rd quarter and results in downward revisions when 2nd quarter results are released. The takeaway is that the S&P 500 is still in a rolling bear market and could hit the next top anytime.
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Shares of Eagle Materials (NYSE: EXP) are rallying in the pre-market hours of Thursday morning as the company releases its quarterly earnings results, which delivered an exceptional quarter posting some record figures. The stock immediately rose by a s much as 3.3% as the news broke out,... Read the Full Story |
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Stocks | | | Wall Street’s best week since March ran out of steam Friday as worries rose about the U.S. government’s efforts to avoid a potentially disastrous default on its debt.The S&P 500 slipped 6.07 points, or 0.1%, to 4,191.98. The Dow Jones Industrial Average fell 109.28, or 0.3%, to 33,426.63, while ... Read the Full Story |
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Zoetis (NYSE: ZTS) shareholders may have a new reference point to be excited about, even after witnessing some favorable developments through the company's first quarter 2023 announcements. Even after outperforming other peers in the sector, such as Bausch Health Companies (NYSE: BH... Read the Full Story |
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Take-Two Interactive (NASDAQ: TTWO) had a mixed quarter and gave weak guidance, but the stock is up strongly despite the news. The report was mixed but came with a growth outlook that told the market this company is at a turning point. While it has pushed back the launch date of several new titles... Read the Full Story |
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Markets | | | The average long-term U.S. mortgage rate edged higher this week after a two-week drop, a modest move in line with a mostly moderate shift in home-loan rates in recent weeks.Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.39% from 6.35% last... Read the Full Story |
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From Our Partners | | Bitcoin just passed Amazon in total market cap — but most investors are missing the bigger opportunity.
While the crowd buys Bitcoin outright, trader Larry Benedict is using a method called “Bitcoin Skimming” to target 6x, 9x, even 22x bigger profits. He reveals how it works in a free video. | | Watch the Bitcoin Skimming strategy here |
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Markets | | | A persistently low inventory of homes on the market held back U.S. home sales again in April, even as the national median sale price posted its biggest annual drop in 11 years. Existing home sales fell 3.4% in April from March to a seasonally adjusted annual rate of 4.28 million, the National Associ... Read the Full Story |
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Shares of Cisco Systems (NASDAQ: CSCO) fell 3% following its Q3 report sending shares into the buy zone. The drop was driven by fears centered on a slowing order book that points to sluggish growth in fiscal 2024. The salient point is that growth is on the table for fiscal 2024, and value-seeking ... Read the Full Story |
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Walmart (NYSE: WMT) had a better-than-expected quarter and raised its full-year guidance, but the news isn’t as great as it may seem. The gains were driven by isolated segments that confirm consumers are shifting away from discretionary items in favor of staples like food. That’s not a... Read the Full Story |
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Tech | | | Fewer Americans applied for jobless benefits last week following a previous spike that many analysts took as a sign that higher interest rates were finally cooling the labor market.It turns out the recent jump in jobless benefit applications was largely due to fraudulent applications in Massachusett... Read the Full Story |
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Markets | | | A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world’s biggest and most unforgiving government lender, China Read the Full Story |
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Friday's Early Bird Stock Of The Day MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia. Its programs in clinical development include Phase I/II clinical stage programs in achromatopsia, X-linked retinitis pigmentosa, and RPE65-deficiency; Phase I clinical trials for radiation-induced xerostomia; and Parkinson's program that has completed a Phase II trial. It has a research collaboration agreement with Janssen Pharmaceuticals, Inc. for the research, development, and commercialization of gene therapies for the treatment of inherited retinal disease. The company was incorporated in 2015 and is based in New York, New York. | | View Today's Stock Pick |
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