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Market Awaits Manufacturing And Home Sales Numbers
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After the worst single-day of trading since June on the major indices, the Nasdaq is suddenly back to a three-week low — two-week lows for both the Dow and the S&P 500. The tech-heavy index is now in negative territory for the month of August thus far; the Dow and S&P remain positive for now. Pre-market futures are down again, albeit slightly, to start a new trading day: the Dow -40 points, the Nasdaq -20 and the S&P -7.5 points at this hour.
No economic prints greet us ahead of the opening bell, but S&P Manufacturing and Services PMI data for August is expected once the regular trading session opens. Manufacturing is expected to slip a tad month over month, while Services is expected to gain; it’s July read was the first sub-50 level reached since the pandemic crater in early 2020, and it’s expected to reach 49.0 today. Manufacturing remains in positive territory at 51.9 expected, lower than the 52.2 reported for July.
New Home Sales for August are also following the lowest levels of the cycle a month ago, with expectations for a further dwindling of homebuying activity: 574K new homes are expected to have sold in August, beneath the 590K reported for July. These are notably off the cycle high of 839K new homes sold back in December of 2021, once home buyers recognized higher interest rates were coming in the new years and getting in at a low mortgage rate pulled plenty of expected spring ’22 business in Housing to late ’21 and early ’22.
Big-box retailer Macy’s (M - Free Report) put out Q2 earnings this morning which surpassed estimates on both top and bottom lines: earnings of $1.00 per share beat the Zacks consensus by 15 cents, while revenues in the quarter of $5.6 billion outpaced expectations by +2.18%. While still down from year-ago tallies, Macy’s shares are up +0.75% on the news. The stock is -28.9% year to date, -20% just in the past six months. The company has gained +2.8% over the past month.
Dick’s Sporting Goods (DKS - Free Report) returned from a rare less-than-stellar earnings report in Q1 with decent beats on top and bottom lines for Q2: earnings of $3.68 per share outperformed the $3.53 our analysts were expecting (though far below the $5.08 per reported in the year-ago quarter), on $3.11 billion in sales which beat expectations by +1.24%. Dick’s shares are up +3% ahead of the bell, bringing the stock back close to breakeven for the year after climbing +18% over the past month.
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Market Awaits Manufacturing And Home Sales Numbers
After the worst single-day of trading since June on the major indices, the Nasdaq is suddenly back to a three-week low — two-week lows for both the Dow and the S&P 500. The tech-heavy index is now in negative territory for the month of August thus far; the Dow and S&P remain positive for now. Pre-market futures are down again, albeit slightly, to start a new trading day: the Dow -40 points, the Nasdaq -20 and the S&P -7.5 points at this hour.
No economic prints greet us ahead of the opening bell, but S&P Manufacturing and Services PMI data for August is expected once the regular trading session opens. Manufacturing is expected to slip a tad month over month, while Services is expected to gain; it’s July read was the first sub-50 level reached since the pandemic crater in early 2020, and it’s expected to reach 49.0 today. Manufacturing remains in positive territory at 51.9 expected, lower than the 52.2 reported for July.
New Home Sales for August are also following the lowest levels of the cycle a month ago, with expectations for a further dwindling of homebuying activity: 574K new homes are expected to have sold in August, beneath the 590K reported for July. These are notably off the cycle high of 839K new homes sold back in December of 2021, once home buyers recognized higher interest rates were coming in the new years and getting in at a low mortgage rate pulled plenty of expected spring ’22 business in Housing to late ’21 and early ’22.
Big-box retailer Macy’s (M - Free Report) put out Q2 earnings this morning which surpassed estimates on both top and bottom lines: earnings of $1.00 per share beat the Zacks consensus by 15 cents, while revenues in the quarter of $5.6 billion outpaced expectations by +2.18%. While still down from year-ago tallies, Macy’s shares are up +0.75% on the news. The stock is -28.9% year to date, -20% just in the past six months. The company has gained +2.8% over the past month.
Dick’s Sporting Goods (DKS - Free Report) returned from a rare less-than-stellar earnings report in Q1 with decent beats on top and bottom lines for Q2: earnings of $3.68 per share outperformed the $3.53 our analysts were expecting (though far below the $5.08 per reported in the year-ago quarter), on $3.11 billion in sales which beat expectations by +1.24%. Dick’s shares are up +3% ahead of the bell, bringing the stock back close to breakeven for the year after climbing +18% over the past month.