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Following the trend set yesterday, U.S. stocks closed mostly lower on Tuesday but still managed to record monthly gains. Investors continue to weigh the latest policies from the Trump Administration as well as companies’ results from the current earnings season.
The Nasdaq, however, bounced back from any previous losses as President Trump met with several key healthcare industry CEOs from companies like Johnson & Johnson (JNJ - Free Report) , Amgen (AMGN - Free Report) , and Novartis (NVS - Free Report) .
Tuesday saw shares of athletic retailer Under Armour (UAA - Free Report) crash almost 24% during the day after the company reported disappointing fourth quarter financial results. Under Armour missed both top and bottom line estimates, but the biggest reasons for UAA’s wild day came from slowing growth in its North America segment, where revenues only grew 6%, and a new lower 2017 outlook that fell well below analyst estimates.
It has been a rocky start for the Trump administration, whose controversial decisions on immigration and refugees have already led to worldwide protests and clashes with leadership from both parties. Nevertheless, President Trump continues to double down on his campaign promises, and his latest statements regarding drug prices and regulation have sent biotech ETFs (IBB - Free Report) , (XBI - Free Report) , and (LABU - Free Report) all higher on Tuesday.
Since the United States’ financial crisis, the Federal Reserve has massively grown their balance sheet to $4.5 trillion from quantitative easing (QE). The Fed announced three rounds of QE from 2008 through 2012, buying mostly long-term Treasuries and mortgage backed securities. Now, Philadelphia Federal Reserve President Patrick Harker announced back on January 20th that the Fed is likely to start reducing their bond holdings.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Stock Market Roundup Jan. 31: Nasdaq Rebounds Amid Trump Biotech Meeting
Following the trend set yesterday, U.S. stocks closed mostly lower on Tuesday but still managed to record monthly gains. Investors continue to weigh the latest policies from the Trump Administration as well as companies’ results from the current earnings season.
The Nasdaq, however, bounced back from any previous losses as President Trump met with several key healthcare industry CEOs from companies like Johnson & Johnson (JNJ - Free Report) , Amgen (AMGN - Free Report) , and Novartis (NVS - Free Report) .
Zacks Rank #1 (Strong Buy) Biggest Movers
Value: Tilly’s (TLYS - Free Report)
Growth: Tailored Brands
Momentum: Yintech Investment Holdings
VGM: TLRD
Income: TLRD
Major Indexes
DOW: 19,865.76 / -105.37 / -0.53%
S&P 500: 2,278.92 / -1.99 / -0.09%
NASDAQ: 5,614.79 / +1.07 / +0.02
Top Headlines
This is Why Under Armour (UAA - Free Report) is Crashing After Earnings
Tuesday saw shares of athletic retailer Under Armour (UAA - Free Report) crash almost 24% during the day after the company reported disappointing fourth quarter financial results. Under Armour missed both top and bottom line estimates, but the biggest reasons for UAA’s wild day came from slowing growth in its North America segment, where revenues only grew 6%, and a new lower 2017 outlook that fell well below analyst estimates.
Biotech Stocks Gain on Latest Trump Drug Price Statements
It has been a rocky start for the Trump administration, whose controversial decisions on immigration and refugees have already led to worldwide protests and clashes with leadership from both parties. Nevertheless, President Trump continues to double down on his campaign promises, and his latest statements regarding drug prices and regulation have sent biotech ETFs (IBB - Free Report) , (XBI - Free Report) , and (LABU - Free Report) all higher on Tuesday.
How the Fed Shrinking Its Balance Sheet Impacts Investors
Since the United States’ financial crisis, the Federal Reserve has massively grown their balance sheet to $4.5 trillion from quantitative easing (QE). The Fed announced three rounds of QE from 2008 through 2012, buying mostly long-term Treasuries and mortgage backed securities. Now, Philadelphia Federal Reserve President Patrick Harker announced back on January 20th that the Fed is likely to start reducing their bond holdings.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>