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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Markets | | | 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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Markets | | | Leading aerospace and defense contractor RTX Co. (NYSE: RTX) shares surged to new 52-week highs after reporting robust Q2 2024 earnings. Raytheon officially changed its name to RTX Corporation on July 17, 2023, to broaden its identity as more than a defense contractor but also a booming aer... Read the Full Story >> |
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Markets | | | 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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Markets | | | Merck & Co. Inc. (NYSE: MRK) delivered a solid earnings report before the market opened on July 30, 2024. However, the stock was down over 4% in early trading after the company cut its full-year earnings forecast. The pullback comes as MRK stock is up 17% in 2024. If you look beyond the headli... Read the Full Story >> |
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Stocks | | | Global stocks advanced Wednesday and oil prices jumped more than $2 a barrel after Hamas's top political leader Ismail Haniyeh died in an air strike.Haniyeh died in a predawn airstrike in the Iranian capital early Wednesday, Iran and the militant group said, blaming Israel for a shock assassination ... Read the Full Story >> |
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Markets | | | With the end of their two-year fight against inflation in sight, Federal Reserve officials are likely Wednesday to set the stage for the first cut to their key interest rate in four years, a major shift in policy that could eventually lower borrowing costs for U.S. consumers and businesses. Inflatio... Read the Full Story >> |
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Markets | | | 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 equit... | | View Today's Stock Pick |
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