Good MorningSelling resumed on Wall Street Tuesday, with the S&P 500 down more than 0.5% at the session's low. The move was led by tech stocks, with names like NVIDIA down by more than 5% and most Magnificent Seven moving lower. The selling is due to an expectation that the Fed will confirm that rate cuts are coming with today's policy statement. The news is good news, signaling easier economic times ahead, and will lead to new highs for the S&P 500 once sector rotation is completed.
The bad news is that sector rotation could take weeks if not months. The rally preceding the rotation lasted more than two years, driven by economic normalization post-pandemic and compounded by robust consumer spending, inflation, and AI; it will take some time to unwind. When it does, the market will be ready for another rally, this time broader and lasting much longer. Featured: Unlock Your Opportunity (See inside) (DTI) 
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One of the hardest things for many investors to talk themselves into is buying stocks when they’re on sale. The investing philosophy of buying low and selling high is backed by years of data. However, in a market driven by high-speed trading programs and more than a little bit of FOMO (fear ... Read the Full Story |
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Iconic motorcycle manufacturer Harley-Davidson Inc. (NYSE: HOG) juiced up its stock with a new $1 billion stock buyback program following its Q2 earnings report. The company reported strong top and bottom line performance, but its 2024 outlook was expectedly weak. A tough macroeconomic climate a... Read the Full Story |
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Stocks | | | For more than a year, the U.S. stock market went in mostly one direction, up, and in mostly one manner, quietly. A bonanza around artificial-intelligence technology helped drive Big Tech stocks higher, while other areas of the market held up amid rising hopes for coming cuts to interest rates by the... Read the Full Story |
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Outpacing even legendary investors Warren Buffett and the Hunt Brothers.
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Cruise line operator Royal Caribbean Cruises Ltd. (NYSE: RCL) is proving to be in a class all by itself. The company crushed EPS estimates again and raised top and bottom line forecasts again. However, instead of surging to new 52-week highs, a sell-the-news reaction triggered, sending shares lo... Read the Full Story |
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Games and entertainment giant Hasbro Inc. (NASDAQ: HAS) reported an impressive Q2 2024 earnings report that helped it gap the following morning. However, the gap saw a lot of selling as shares fell from a peak of $65.12 to a low of $60.52. Shares stabilized the following morning as buyers pushed... Read the Full Story |
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Markets | | | Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank's first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Still, the Fed kept its key interest rate unchanged at a... Read the Full Story |
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AbbVie (NYSE: ABBV) was among the pharma companies worst positioned for a patent cliff that has come and gone. However, management's lean toward diversifying away from Humira and into a broader range of treatments has more than paid off. The takeaway is that growth is back in the immunology portfo... Read the Full Story |
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Markets | | | A closely watched measure of Chinese manufacturing activity remained negative in July as concern persists about the state of the world's second largest economy.The Purchasing Managers' Index, based on a survey of factory managers, slipped 0.1 points to 49.4, the National Bureau of Statistics said We... Read the Full Story |
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Markets | | | Inflation in the 20 countries that use the euro ticked up to 2.6% in July, stubbornly above the European Central Bank’s target and complicating the ECB’s next decision on whether to cut interest rates and boost growth as the economy struggles to stage a convincing recovery from more than a year of stagnation Read the Full Story |
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Markets | | | The Bank of Japan raised its key interest rate Wednesday to about 0.25% from a range of zero to about 0.1%, acting to curb the yen’s slide against the U.S. dollar. The move was widely expected, and the yen gained sharply against the dollar ahead of and after Wednesday’s decision, trading below 152 y... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day East West Bancorp, Inc. operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits. The company's loan products include mortgage and home equity, commercial and residential real estate, working capital lines of credit, construction finance, trade finance, letters of credit, commercial business, affordable housing loans, asset-based lending, asset-backed finance, project finance, loan syndication, and equipment financing, as well as financing services for clients to facilitate their business transactions between the United States and Asia. It also provides various wealth management, treasury management, foreign exchange, and interest rate and commodity risk hedging services; and mobile and online banking services. The company was incorporated in 1998 and is headquartered in Pasadena, California. | | View Today's Stock Pick |
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