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Nasdaq Crosses 15K for 1st Time Ever; JWN, URBN Beat
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On the way to its fourth-straight up day in the market, the tech-heavy Nasdaq wound up surpassing 15K for its first time ever, +0.52% on the day to 15,019.80. The S&P 500 met the four-day streak and set its own fresh record closing high — its 50th on the year.
The Dow almost gave away its gains in the last half hour of the session, but still closed up +0.09% — still around 0.70% from setting a new closing high of its own. The small-cap Russell 2000 put up another strong day, +1.02%.
As we are in the dog days of summer, with many market participants out basking in their last rays of sunshine before the season turns, volume was predictably lower. Still, the upward drift we’ve seen this week (and the end of last week) feels like a nice sigh of relief. The Delta variant, one hopes, will be put in check by the FDA clearance of the Pfizer/BioNTech (PFE - Free Report) (BNTX - Free Report) vaccine — with Moderna (MRNA - Free Report) likely on the way. Chinese tech and Energy stocks have begun to rally.
Energy stocks gained another +1.6% on the day, with ConocoPhillips (COP - Free Report) putting up a strong +1.13%. Tech stocks continued to perform well, with Alphabet (GOOGL - Free Report) notching a fresh 52-week high. The sectors which underperformed today were Consumer Staples, -0.75%, and Real Estate, -0.72%. Airlines bounced back, behind Delta Air Lines’ (DAL - Free Report) +3.37% — again, on more favorable conditions related to fighting Covid-19.
Not all is hunky dory, however: California wildfires continue to burn across millions of acres, having forced some 40K Californians from their homes, including the more densely populated El Dorado County. That fire, called Caldor, is only 9% contained and now reported threatens Lake Tahoe. The Dixie fire, second-largest in California history at currently 1143 square miles, is now 41% contained. Severe heat and drought through the regions are the cause.
Nordstrom (JWN - Free Report) posted big beats on both top and bottom lines in its Q2 report after the bell today: 49 cents per share on $3.66 billion easily swept past the 26 cents per share and $3.38 billion in anticipated sales. Gross margins came in hotter than expected at +35%, with Digital Sales +30% year over year. But shares are selling off in the late session, selling the news after the stock has grown +143% over the past year.
Philadelphia-based Urban Outfitters (URBN - Free Report) crushed earnings estimates Tuesday afternoon, with $1.28 per share shooting well past the 79 cents expected and the 35 cents per share reported in the year-ago quarter. Sales of $1.16 billion beat the $1.08 billion in the Zacks consensus, up 44.4% year to date. Yet these shares are also down -4.8% in late trading; Urban Outfitters had been up +59% year to date.
Tomorrow we get a look at Durable Goods Orders for the month of July. A pullback from the strong orders tallied in June are expected. Also non-defense, ex-aircraft goods orders will give us a fresh look at business investment last month. In terms of earnings reports, we get to hear from salesforce.com (CRM - Free Report) , Dick’s Sporting Goods (DKS - Free Report) and Williams-Sonoma (WSM - Free Report) , among others.
Image: Bigstock
Nasdaq Crosses 15K for 1st Time Ever; JWN, URBN Beat
On the way to its fourth-straight up day in the market, the tech-heavy Nasdaq wound up surpassing 15K for its first time ever, +0.52% on the day to 15,019.80. The S&P 500 met the four-day streak and set its own fresh record closing high — its 50th on the year.
The Dow almost gave away its gains in the last half hour of the session, but still closed up +0.09% — still around 0.70% from setting a new closing high of its own. The small-cap Russell 2000 put up another strong day, +1.02%.
As we are in the dog days of summer, with many market participants out basking in their last rays of sunshine before the season turns, volume was predictably lower. Still, the upward drift we’ve seen this week (and the end of last week) feels like a nice sigh of relief. The Delta variant, one hopes, will be put in check by the FDA clearance of the Pfizer/BioNTech (PFE - Free Report) (BNTX - Free Report) vaccine — with Moderna (MRNA - Free Report) likely on the way. Chinese tech and Energy stocks have begun to rally.
Energy stocks gained another +1.6% on the day, with ConocoPhillips (COP - Free Report) putting up a strong +1.13%. Tech stocks continued to perform well, with Alphabet (GOOGL - Free Report) notching a fresh 52-week high. The sectors which underperformed today were Consumer Staples, -0.75%, and Real Estate, -0.72%. Airlines bounced back, behind Delta Air Lines’ (DAL - Free Report) +3.37% — again, on more favorable conditions related to fighting Covid-19.
Not all is hunky dory, however: California wildfires continue to burn across millions of acres, having forced some 40K Californians from their homes, including the more densely populated El Dorado County. That fire, called Caldor, is only 9% contained and now reported threatens Lake Tahoe. The Dixie fire, second-largest in California history at currently 1143 square miles, is now 41% contained. Severe heat and drought through the regions are the cause.
Nordstrom (JWN - Free Report) posted big beats on both top and bottom lines in its Q2 report after the bell today: 49 cents per share on $3.66 billion easily swept past the 26 cents per share and $3.38 billion in anticipated sales. Gross margins came in hotter than expected at +35%, with Digital Sales +30% year over year. But shares are selling off in the late session, selling the news after the stock has grown +143% over the past year.
Philadelphia-based Urban Outfitters (URBN - Free Report) crushed earnings estimates Tuesday afternoon, with $1.28 per share shooting well past the 79 cents expected and the 35 cents per share reported in the year-ago quarter. Sales of $1.16 billion beat the $1.08 billion in the Zacks consensus, up 44.4% year to date. Yet these shares are also down -4.8% in late trading; Urban Outfitters had been up +59% year to date.
Tomorrow we get a look at Durable Goods Orders for the month of July. A pullback from the strong orders tallied in June are expected. Also non-defense, ex-aircraft goods orders will give us a fresh look at business investment last month. In terms of earnings reports, we get to hear from salesforce.com (CRM - Free Report) , Dick’s Sporting Goods (DKS - Free Report) and Williams-Sonoma (WSM - Free Report) , among others.
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