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Less-than-scintillating market reports today — either on the economic or the earnings side, although we did see a fair amount of companies releasing quarterly data — have led a real doldrums-like trading day. The exception here in the tech-heavy Nasdaq, which gained more than +1% on the session as it makes up for lost ground relative to the other main indices over the past month. The Dow, which has grown +2% over the past month, was flat today: +0.01%, while the S&P 500 grew +0.59% and the small-cap Russell 2000 was -0.27%.
We’ll have to make do while we await tomorrow morning’s results on July Retail Sales and Import Prices, which are both expected to increase month over month. Empire State Manufacturing, struggling over the past year but having posted back-to-back months in positive territory for the first time since the first half of 2022, looks to slip back into negative territory for August. Business Inventories for June are anticipated be come in flat, but we look for further upside in tomorrow’s latest North America Home Builders Survey.
Reporting fiscal Q2 earnings results before Tuesday’s opening bell is Home Depot (HD - Free Report) , which has been enjoying a nice increase in stock price following its trough earlier this year, +4% over the past month. Earnings for the quarter are expected to come in -11.7% year over year, while quarterly revenues are currently -3.5% in the Zacks consensus estimate. The company continues to do good business, but is running up against tougher year-over-year comps. The home improvement giant only has one earnings miss in the past five years.
Berkshire Hathaway (BRK.B - Free Report) released its Q2 13-F report this afternoon, demonstrating the recent biases of legendary investor and company Chairman Warren Buffett. Buffett, who turns 93 at the end of this month, has revealed — or, at least, his company has — a selloff of -17 million shares of General Motors (GM - Free Report) , roughly -45%.
In its place, Berkshire has loaded up on Capital One (COF - Free Report) , +26% to $1.3 billion — or at least it had back in June, when the financial institution enjoyed a nice run-up on the sigh of relief market participants had expressed as it became clear the banking industry was not going to be deeply affected by the failure of some regional banks in California. The investment conglomerate also picked up $726 million in homebuilder D.R. Horton and $17 million in Horton competitor Lennar Corp. (LEN).
Image: Bigstock
Retail Sales, Home Depot Q2 On Deck
Less-than-scintillating market reports today — either on the economic or the earnings side, although we did see a fair amount of companies releasing quarterly data — have led a real doldrums-like trading day. The exception here in the tech-heavy Nasdaq, which gained more than +1% on the session as it makes up for lost ground relative to the other main indices over the past month. The Dow, which has grown +2% over the past month, was flat today: +0.01%, while the S&P 500 grew +0.59% and the small-cap Russell 2000 was -0.27%.
We’ll have to make do while we await tomorrow morning’s results on July Retail Sales and Import Prices, which are both expected to increase month over month. Empire State Manufacturing, struggling over the past year but having posted back-to-back months in positive territory for the first time since the first half of 2022, looks to slip back into negative territory for August. Business Inventories for June are anticipated be come in flat, but we look for further upside in tomorrow’s latest North America Home Builders Survey.
Reporting fiscal Q2 earnings results before Tuesday’s opening bell is Home Depot (HD - Free Report) , which has been enjoying a nice increase in stock price following its trough earlier this year, +4% over the past month. Earnings for the quarter are expected to come in -11.7% year over year, while quarterly revenues are currently -3.5% in the Zacks consensus estimate. The company continues to do good business, but is running up against tougher year-over-year comps. The home improvement giant only has one earnings miss in the past five years.
Berkshire Hathaway (BRK.B - Free Report) released its Q2 13-F report this afternoon, demonstrating the recent biases of legendary investor and company Chairman Warren Buffett. Buffett, who turns 93 at the end of this month, has revealed — or, at least, his company has — a selloff of -17 million shares of General Motors (GM - Free Report) , roughly -45%.
In its place, Berkshire has loaded up on Capital One (COF - Free Report) , +26% to $1.3 billion — or at least it had back in June, when the financial institution enjoyed a nice run-up on the sigh of relief market participants had expressed as it became clear the banking industry was not going to be deeply affected by the failure of some regional banks in California. The investment conglomerate also picked up $726 million in homebuilder D.R. Horton and $17 million in Horton competitor Lennar Corp. (LEN).
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