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The Dow and the S&P 500 ended their six-day streak of gains on Monday after industrial stocks tanked. General Electric suffered its biggest one day dip in more than six years and weighed heavily on the broader markets. The three major benchmarks had hit intraday highs earlier in the session but ended the day in the red. Meanwhile, investors remained hopeful that the new tax code would be signed into policy soon.
The Dow Jones Industrial Average (DJIA) closed at 23,273.96, declining 0.2%. The S&P 500 Index (INX) decreased 0.4% to close at 2,564.98. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,586.83, decreasing 0.6%. Declining issues outnumbered advancers on the NYSE by 1,693 to 1,147. On the Nasdaq, decliners outnumbered advancers by 1,743 to 1,096. The CBOE VIX increased 8.9% to close at 10.86.
Shares of GE Nosedive, Dow Moves Lower
The Dow lost almost 55 points on Monday to snap its six-day streak of gains. Such losses were incurred after shares of General Electric (GE - Free Report) nosedived 6.3% — its biggest decline in a single day since August 2011. The industrial goods manufacturer reported relatively lackluster third-quarter 2017 results on Friday and missed earnings estimate by a wide margin despite top-line growth. GAAP net earnings from continuing operations for the reported quarter were $1,905 million or 22 cents a share compared with $2,097 million or 23 cents a share in the year-ago quarter. Including industrial and other verticals, operating earnings were 29 cents per share, which missed the Zacks Consensus Estimate of 50 cents. (Read More)
S&P 500 Ends Its Streak of Gains
The S&P 500 shed 10.23 points to end a six-day winning streak. Of the 11 major sectors of the S&P 500, 10 finished lower with consumer discretionary and industrial stocks leading the decliners. The Consumer Discretionary Select Sector SPDR ETF (XLY) and the Industrial Select Sector SPDR ETF (XLI) decreased 0.7% and 0.6%, respectively. Shares of Hasbro, Inc. (HAS - Free Report) declined 8.6% after the company announced that its revenues in the holiday season would be weaker than expected because Toys ‘R’ Us — its largest customer — had filed for bankruptcy. Such news weighed heavily on the S&P 500.
In a 51-49 vote last Thursday, the Senate approved the budget blueprint for fiscal year 2018. Economists believe that such a move ensures taxpayers that existing tax codes could soon be rewritten. Such an outcome “unlocks” a procedure using which the tax code can be changed using only Republican votes. Moreover, the tax Bill can now be used to lower the projected revenue by almost $1.5 trillion over a ten-year period. Kentucky Senator Rand Paul was to be the only Republican to have voted against passage of the Budget. This also meant that President Trump's plans of massive tax cuts and reforms cleared a critical hurdle. Investors remained hopeful that the existing tax code would soon be amended. (Read More)
T-Mobile US Inc. (TMUS - Free Report) reported strong financial results in the third quarter of 2017, wherein net income outpaced the Zacks Consensus Estimate and revenues were almost in line. (Read More)
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Stock Market News For Oct 24, 2017
The Dow and the S&P 500 ended their six-day streak of gains on Monday after industrial stocks tanked. General Electric suffered its biggest one day dip in more than six years and weighed heavily on the broader markets. The three major benchmarks had hit intraday highs earlier in the session but ended the day in the red. Meanwhile, investors remained hopeful that the new tax code would be signed into policy soon.
The Dow Jones Industrial Average (DJIA) closed at 23,273.96, declining 0.2%. The S&P 500 Index (INX) decreased 0.4% to close at 2,564.98. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,586.83, decreasing 0.6%. Declining issues outnumbered advancers on the NYSE by 1,693 to 1,147. On the Nasdaq, decliners outnumbered advancers by 1,743 to 1,096. The CBOE VIX increased 8.9% to close at 10.86.
Shares of GE Nosedive, Dow Moves Lower
The Dow lost almost 55 points on Monday to snap its six-day streak of gains. Such losses were incurred after shares of General Electric (GE - Free Report) nosedived 6.3% — its biggest decline in a single day since August 2011. The industrial goods manufacturer reported relatively lackluster third-quarter 2017 results on Friday and missed earnings estimate by a wide margin despite top-line growth. GAAP net earnings from continuing operations for the reported quarter were $1,905 million or 22 cents a share compared with $2,097 million or 23 cents a share in the year-ago quarter. Including industrial and other verticals, operating earnings were 29 cents per share, which missed the Zacks Consensus Estimate of 50 cents. (Read More)
S&P 500 Ends Its Streak of Gains
The S&P 500 shed 10.23 points to end a six-day winning streak. Of the 11 major sectors of the S&P 500, 10 finished lower with consumer discretionary and industrial stocks leading the decliners. The Consumer Discretionary Select Sector SPDR ETF (XLY) and the Industrial Select Sector SPDR ETF (XLI) decreased 0.7% and 0.6%, respectively. Shares of Hasbro, Inc. (HAS - Free Report) declined 8.6% after the company announced that its revenues in the holiday season would be weaker than expected because Toys ‘R’ Us — its largest customer — had filed for bankruptcy. Such news weighed heavily on the S&P 500.
Meanwhile, the Nasdaq also declined to end in the negative territory after shares of Amazon (AMZN - Free Report) , Facebook and Alphabet (GOOGL - Free Report) all declined 1.7%, 2.1% and 1.9%, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
New Budget Blueprint Keeps Investors’ Hopes High
In a 51-49 vote last Thursday, the Senate approved the budget blueprint for fiscal year 2018. Economists believe that such a move ensures taxpayers that existing tax codes could soon be rewritten. Such an outcome “unlocks” a procedure using which the tax code can be changed using only Republican votes. Moreover, the tax Bill can now be used to lower the projected revenue by almost $1.5 trillion over a ten-year period. Kentucky Senator Rand Paul was to be the only Republican to have voted against passage of the Budget. This also meant that President Trump's plans of massive tax cuts and reforms cleared a critical hurdle. Investors remained hopeful that the existing tax code would soon be amended. (Read More)
Stocks That Made Headlines
T-Mobile US Q3 Earnings Beat Estimates, Lifts Outlook
T-Mobile US Inc. (TMUS - Free Report) reported strong financial results in the third quarter of 2017, wherein net income outpaced the Zacks Consensus Estimate and revenues were almost in line. (Read More)
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>