Good MorningEquity markets tread water this week while traders waited for the May PCE price index to be released. The data is expected to be hot, but it may not matter. The market action suggested the rally would continue with or without a cooler read on inflation, opening up additional risk. The Fed suggests that more than 1 and even more than 2 more rate hikes are needed and that there could be 2 back to back hikes this summer.
As always, the earnings outlook will drive the S&P 500 this year. As it is, the market continues to expect a return to growth in the back half. So long as that remains in the picture, the market should be able to claw its way higher. The question is how high it can go. The Fed is on track to tighten the screws again, possibly leading to more bank failures and the recession hovering on the horizon for the last 12 months. Featured: Trump Just Gave the Green Light to Rewrite Social Security? (Ad) 
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Markets | | | Wall Street blazed to another rally Friday to close a winning week, month and first half of the year after reports suggested pressure on inflation may be easing.The S&P 500 climbed 1.2% to reach its highest level since April 2022. The Dow Jones Industrial Average rose 285 points, or 0.8%, and th... Read the Full Story |
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Stocks | | | Halfway into 2023, little on Wall Street has gone according to plan.Earlier this year, many investors thought the U.S. economy would be falling into a recession by now, the Federal Reserve would have to start cutting interest rates and a strong economic recovery for China would provide a cushion for... Read the Full Story |
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For The Boston Beer Company, Inc. (NYSE: SAM) shareholders, the last two years have been far from a Boston Tea Party. Maybe it relates to the Bruins, Celtics, Patriots and Red Sox teams’ collective failure to bring home a sports championship. More likely, it's because the brewer has missed W... Read the Full Story |
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Shares of Rite Aid (NYSE: RAD) have been on a sluggish path to becoming a near-penny stock, despite being one of the most entrenched brands in American Households. This name has become synonymous with children's 'boo boos' and first-aid kits. Indeed there is some hidden value to be had in the inta... Read the Full Story |
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Paychex (NASDAQ: PAYX) shares are up more than 140% from the 2020 lows, but it may be time to ring the register. The Q4 results and outlook are good enough but failed to spark a rally in the stock. The post-release action shows significant resistance at the 150-day moving average suggesting the do... Read the Full Story |
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Markets | | | The International Monetary Fund has agreed to provide $3 billion to Pakistan in badly needed relief to help bail out the impoverished country's ailing economy. The nine-month agreement must be approved by the IMF’s Executive Board, which is expected to make a final decision in mid-July, a top IMF of... Read the Full Story |
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McCormick's (NYSE: MKC) price action wobbled following a better-than-expected Q2 and increased guidance. The news proves that the decision to transition Brenden Foley into the CEO position was good. The transition, begun in June 2022, was completed at the end of the quarter, leaving Mr. Brenden in... Read the Full Story |
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Markets | | | Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. The annual rate of 5.5% was down from 6.1% in May in the 20 countries that use the euro ... Read the Full Story |
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Markets | | | Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years.Thursday's revised figure from the Commerce Department sharply upgraded its assessment of first-quarter ... Read the Full Story |
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Micron Technologies (NASDAQ: MU) has been suffering through an inventory correction that has yet to run its course, but a reversal in share prices is imminent. The Q3 results, as bad as they were, were better than expected and point to stabilization within the market. The bad times aren’t ov... Read the Full Story |
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Friday's Early Bird Stock Of The Day MoonLake Immunotherapeutics, a clinical-stage biopharmaceutical company, engages in developing therapies. It develops Sonelokimab, a novel investigational Nanobody for the treatment of inflammation diseases; and hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and psoriasis. MoonLake Immunotherapeutics was incorporated in 2020 and is headquartered in Zug, Switzerland. | | View Today's Stock Pick |
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