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Markets Roll Back from All-Time Highs: WBA, WMT, KBH & More
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Market indexes weren’t interested in carrying record highs further in today’s trading, which looks to have been decided early this morning, before the opening bell sounded. After new record highs on a surge into Monday’s close, the Dow dumped 400 points at session lows today, buoying back up somewhat to -167 points, -0.56%.
The Nasdaq, which started the day modestly in the green, dipped into negative territory early and plateaued down 25 points, -0.21%. The S&P 500 also gave up record highs Tuesday, down 17.3 points, -0.48%.
This is the first down close in the last three sessions for the main indexes, which were once again outpaced by the small-cap Russell 2000, which grew modestly by 0.37% to a third-straight new all-time high. We’re not seeing any real clean lines in investor thinking today, just milling about in a rather lackadaisical rotation period.
Walgreens Boots Alliance (WBA - Free Report) and CVS (CVS - Free Report) were down 9.6% and 8.2%, respectively, on this morning’s announcement that Amazon (AMZN - Free Report) has launched its online pharmaceutical delivery business. Tesla (TSLA - Free Report) rose 8.2% on its long-awaited inclusion to the S&P 500.
Homebuilder Sentiment for October was strongly favorable in the latest survey results, posting a headline of 90 (>50 indicates growth) on continued high demand in the industry. This read also marks a third-straight record high for the index. Sales Conditions, Sales Expectations and Buyer Traffic all saw improvements for the month.
KB Home (KBH - Free Report) and Toll Brothers (TOL - Free Report) rose 1.23% and 2% in Tuesday’s regular trading, bucking the day’s overall trends. Wednesday morning brings new Housing Starts and Building Permits data; we will note whether they keep the positive sentiment alive to its current extent.
Retailers continue to post quarterly results here in the last leg of Q3 earnings season. Key among these reports will be guidance for Q4’s all-important holiday shopping season, where that guidance exists. Walmart (WMT - Free Report) and Home Depot (HD - Free Report) traded lower following their earnings beats this morning. Tomorrow brings us reports from Target (TGT - Free Report) , TJX Companies (TJX - Free Report) and L Brands (L - Free Report) .
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Image: Bigstock
Markets Roll Back from All-Time Highs: WBA, WMT, KBH & More
Market indexes weren’t interested in carrying record highs further in today’s trading, which looks to have been decided early this morning, before the opening bell sounded. After new record highs on a surge into Monday’s close, the Dow dumped 400 points at session lows today, buoying back up somewhat to -167 points, -0.56%.
The Nasdaq, which started the day modestly in the green, dipped into negative territory early and plateaued down 25 points, -0.21%. The S&P 500 also gave up record highs Tuesday, down 17.3 points, -0.48%.
This is the first down close in the last three sessions for the main indexes, which were once again outpaced by the small-cap Russell 2000, which grew modestly by 0.37% to a third-straight new all-time high. We’re not seeing any real clean lines in investor thinking today, just milling about in a rather lackadaisical rotation period.
Walgreens Boots Alliance (WBA - Free Report) and CVS (CVS - Free Report) were down 9.6% and 8.2%, respectively, on this morning’s announcement that Amazon (AMZN - Free Report) has launched its online pharmaceutical delivery business. Tesla (TSLA - Free Report) rose 8.2% on its long-awaited inclusion to the S&P 500.
Homebuilder Sentiment for October was strongly favorable in the latest survey results, posting a headline of 90 (>50 indicates growth) on continued high demand in the industry. This read also marks a third-straight record high for the index. Sales Conditions, Sales Expectations and Buyer Traffic all saw improvements for the month.
KB Home (KBH - Free Report) and Toll Brothers (TOL - Free Report) rose 1.23% and 2% in Tuesday’s regular trading, bucking the day’s overall trends. Wednesday morning brings new Housing Starts and Building Permits data; we will note whether they keep the positive sentiment alive to its current extent.
Retailers continue to post quarterly results here in the last leg of Q3 earnings season. Key among these reports will be guidance for Q4’s all-important holiday shopping season, where that guidance exists. Walmart (WMT - Free Report) and Home Depot (HD - Free Report) traded lower following their earnings beats this morning. Tomorrow brings us reports from Target (TGT - Free Report) , TJX Companies (TJX - Free Report) and L Brands (L - Free Report) .
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Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>