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Market indexes began the day in the red, and this is where they closed the regular Thursday session. The good news is, the final takes are well off session lows earlier in the day, with the rotation out of relatively inflated tech names continuing.
The Dow, which had been down 384 points at one stage, ended the day down 0.47% or 130 points, breaking a skin-of-its-teeth 4-day winning streak. The S&P 500 was next, down 0.84% or -28.5 points. The Nasdaq fared worst on the day, -1.27% or -140 points.
So we know the rotation continues — Tesla (TSLA - Free Report) fell 4%, Facebook -3.5%, Amazon (AMZN - Free Report) -2% and Apple (AAPL - Free Report) , even with a brokerage upgrade at Jeffries, fell 1.75% — but to where? Small-caps had been the answer earlier in the week, though the Russell 2000 was roughly flat on the day. Industrials and Materials, on global growth and including the strongest copper prices in three years, fed the trend. Oil prices were up on a reported OPEC+ agreement, although Natural Gas was down 12%, pulling Energy to even.
Consumer Discretionary was the industry that performed worst today, down 19%, partially on stagnant jobless claims numbers that are still elevated well past what could reasonably be considered a healthy labor market. Chipotle (CMG - Free Report) and eBay (EBAY - Free Report) led the sector lower on the day, though these stocks are up 43% and 34% year-to-date, respectively.
Markets are still in the green for the week to this point, though this was touch-and-go earlier. Tomorrow we get a new look at the U.S. Current Account Deficit and the University of Michigan Consumer Sentiment Index. Neither is considered a potential bombshell piece of economic data, but either may push the narratives we’ve seen lately, whereby a slowing and potential stagnation hampers the near-term outlook — or at least doesn’t give investors much reason to bid markets much higher.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Markets Close Red, Rotation Continues
Market indexes began the day in the red, and this is where they closed the regular Thursday session. The good news is, the final takes are well off session lows earlier in the day, with the rotation out of relatively inflated tech names continuing.
The Dow, which had been down 384 points at one stage, ended the day down 0.47% or 130 points, breaking a skin-of-its-teeth 4-day winning streak. The S&P 500 was next, down 0.84% or -28.5 points. The Nasdaq fared worst on the day, -1.27% or -140 points.
So we know the rotation continues — Tesla (TSLA - Free Report) fell 4%, Facebook -3.5%, Amazon (AMZN - Free Report) -2% and Apple (AAPL - Free Report) , even with a brokerage upgrade at Jeffries, fell 1.75% — but to where? Small-caps had been the answer earlier in the week, though the Russell 2000 was roughly flat on the day. Industrials and Materials, on global growth and including the strongest copper prices in three years, fed the trend. Oil prices were up on a reported OPEC+ agreement, although Natural Gas was down 12%, pulling Energy to even.
Consumer Discretionary was the industry that performed worst today, down 19%, partially on stagnant jobless claims numbers that are still elevated well past what could reasonably be considered a healthy labor market. Chipotle (CMG - Free Report) and eBay (EBAY - Free Report) led the sector lower on the day, though these stocks are up 43% and 34% year-to-date, respectively.
Markets are still in the green for the week to this point, though this was touch-and-go earlier. Tomorrow we get a new look at the U.S. Current Account Deficit and the University of Michigan Consumer Sentiment Index. Neither is considered a potential bombshell piece of economic data, but either may push the narratives we’ve seen lately, whereby a slowing and potential stagnation hampers the near-term outlook — or at least doesn’t give investors much reason to bid markets much higher.
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Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>