Stocks backed-off all-time highs last week as renewed concerns of increasing COVID case loads and restrictions in high-risk states pulled against investor optimism of vaccines on the way. The Dow Jones Average and S&P 500 Index declined 0.7% and the NASDAQ 100 Index declined 0.2%. With 474 of 500 companies in the S&P 500 …
Following a strong post-election day rally the week prior, the S&P 500 Index (+2.2%) and Dow Jones Industrial Average (+4.2%) followed with a second week of gains while the NASDAQ 100 Index retreated modestly (-1.3%). Much of the differential in performance was driven by sentiment that a potential COVID vaccine was imminent which boosted …
A strong post-election day rally boosted the major equity indices last week. The NASDAQ 100 Index was +9.4%, the S&P 500 Index was +7.4%, and the Dow Jones Industrial Average was +6.9%. The Federal Reserve’s Federal Open Market Committee kept short-term interest rates steady in its 0% to 0.25% target range. The FOMC acknowledged …
Despite a slew of strong company earnings reports, concerns about an accelerating spread of COVID-19 in both the U.S. and abroad pushed stocks lower last week. The Dow Jones Industrial Average declined 6.5%, the S&P 500 Index declined 5.6%, and the NASDAQ 100 Index declined 5.5%. The earnings reporting season is rolling on and …
The third quarter earnings reporting season peaks this week with 180 companies in the S&P 500 Index scheduled to report earnings. The current third quarter consensus is for earnings to be down 16.7% year-over-year (versus down 18.7% last week and down 21.7% at the start of earnings season) on a 3.6% decline in revenue. …
The third quarter reporting season moves into its second big week with 91 companies in the S&P 500 Index scheduled to report earnings. Of the 49 companies that have already reported, 85.7% have exceeded consensus expectations versus the long-term average of 65.1%. This has raised the current forecast for earnings to be down 18.7% …
Despite see-sawing news over the progress of stimulus talks and President Trump’s COVID recovery, U.S. equity indices managed to post an impressive gain for the week. The Dow Jones Industrial Average was +3.3%, the S&P 500 Index was +3.9%, and the NASDAQ 100 Index was +4.2%. After several weeks of election and COVID-driven news, …
All major U.S. equity indices were positive for the week. The Dow Jones Industrial Average was +1.9%, while the S&P 500 Index was +1.5% and the NASDAQ 100 Index was +1.0%. It was a dramatic headline week with the Presidential debate, September Employment Report, and the positive COVID tests for the President and First …
The NASDAQ increased 2.0% for the week to snap its three-week losing streak while the S&P 500 fell 0.6%. The S&P 500 Index has declined 5.8% since the beginning of September and the relatively higher technology weighted NASDAQ 100 Index has declined 7.9% over the same time frame. This Friday we get data from …
Stocks posted their third consecutive down week. The downside was felt more in the technology and growth-oriented sectors of the market. The S&P 500 Index has declined 5.17% since the beginning of September and the relatively higher technology weighted NASDAQ 100 Index has declined 9.69% over the same time frame. At its recent meeting, …
Stocks posted back-to-back down weeks despite reaching record highs near the start of September. The downside was felt more in the technology and growth-oriented sectors of the market. The S&P 500 Index has declined 4.55% since the beginning of September and the relatively higher technology weighted NASDAQ 100 Index ihas declined 8.45% over the …
After a long recovery back to record levels, the S&P 500 Index hit a speed bump last week, especially among some of the stocks in the information technology and other technology related sectors that had posted large gains since the market bottom in March. Thursday was the worst downside day of the week, down …
The S&P 500 Index built on its recent record and closed above 3500 for the first time last week. Data indicating that COVID-19 is on the downslope, a supportive Federal Reserve, and a view that the recent second quarter corporate earnings are a likely trough for this cycle all contributed to the optimism. We …
It was a record week as the S&P 500 Index completed its comeback from the COVID-induced selloff in the Spring. On Tuesday, the S&P 500 closed at 3,389 which exceeded the previous high set back on February 19th and ended the week at 3,397. While the unknown social and economic impact of COVID-19 caused …
It was a quieter week in the earnings reporting cycle with only 16 companies in the S&P 500 Index reporting earnings. The last big announcements come this week with some major retailers reporting earnings. With 457 companies in the S&P 500 having reported second quarter earnings to date, 81% have reported results above consensus. …
Heading into the tail-end of the second quarter earnings season, 441 companies in the S&P 500 have reported earnings with 82% reporting results above consensus. This is better than the long-term average of 64.9%. A fourth consecutive better than expected week has moved current consensus for second quarter S&P 500 earnings to down 31.7% …
Second quarter Gross Domestic Product (GDP) for the U.S. saw a record contraction of 32.9% as the April through June time period was hit by the COVID induced business shutdowns and stay at home orders. While the large decline is sobering, it is also likely to be short-lived as economic data has been improving. …
We’re expecting a great deal of news flow this week with 189 companies in the S&P 500 Index scheduled to report second quarter earnings, the Federal Reserve meeting taking place on Wednesday, and the first look at Second Quarter Gross Domestic Product (GDP) scheduled for release on Thursday. Additionally, the enhanced unemployment benefits are …
The second quarter earnings reporting period kicked-off last week. While earnings should be significantly lower for many companies due to the COVID related shutdowns, some favorable results relative to these dire expectations pushed the S&P 500 Index to an up week. Of the 47 companies in the S&P 500 Index that have reported second …
This week we will start to see the companies reporting second quarter earnings show us their cards. Due to uncertain outlooks at the height of the COVID back in April, more than 180 companies in the S&P 500 Index declined to provide earnings guidance, so we may have a wider range of outcomes than …
Positive economic data continues to provide an optimistic catalyst to the stock market. The June ISM Manufacturing Index moved back up to 52.6 indicating economic expansion. The June employment report showed nonfarm payrolls of 4.8 million which were well ahead of expectations and built on the 2.7 million jobs created in May. The unemployment …
As we mark the halfway point in 2020, we have seen some rapid fluctuations between optimism and pessimism over the course of six months. We entered the year with a strong economy, a robust stock market, and a Federal Reserve that was committed to economic expansion. We have since witnessed the social and economic …
The tug o’ war between economic improvement and the resurgence of COVID-19 has the equity market gyrating back and forth depending which sentiment rules the headlines each day. We have a few weeks before the second quarter earnings reports start, so the economic data and COVID headlines are the main catalysts for market direction. …
A combination of concern regarding a re-acceleration of COVID-19 cases and a natural tendency for a pause once the market regained its beginning year levels resulted in a decline in major market averages last week. The Federal Reserve which has pledged economic support throughout the COVID-19 crisis left short-term interest rates unchanged near zero …
While the economy still has room for improvement, the stock market has staged an impressive recovery. As a supplement to our Weekly Market Commentary, here is an additional report outlining our thoughts around the 2020 market decline and recent recovery. The U.S. economy is in a recession in the first half of 2020, but …
While the economy still has room for improvement, the stock market has staged an impressive recovery. Coming off the March low, the S&P 500 Index has advanced 45%. The containment of COVID-19, Federal Reserve’s actions to provide liquidity into the financial system, and continued incremental positive news on the opening of the economy have …
Despite the widespread economic displacement from the COVID-19 lockdown, an optimistic case can be made for a rebound in consumer activity over the next few months. The U.S. consumer accounts for approximately two-thirds of economic activity, so a healthy consumer is the engine of the U.S. economy. With the continued phase-in of activity, workers …
What did you do this weekend? Some consumers purchased groceries, got takeout food, or dined at a restaurant. Some would-be travelers stayed home, where as others drove or flew on trips. Some consumers went to a mall or big box store, shopped at a small business, or received packages at their homes. The U.S. …
Increased testing for COVID-19 is providing greater knowledge of the extent of the spread of the virus and its lethality. Several biotech and pharmaceutical companies are progressing with the development and testing of potential vaccines. The world keeps moving forward toward a gradual re-opening of social and economic activity. At the same time, Federal …
Focus on the impact of the COVID crisis and the pace of re-opening of the world economy has made the first quarter earnings reporting season somewhat less impactful than usual. The sharp downturn in economic activity made forecasting difficult and even many companies were unable to accurately provide guidance on the impact on their …
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