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Case-Shiller Reports Record +14.6% in April, New Bank Dividends
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Tuesday, June 29, 2021
Off another day of record high closes on the S&P 500 and Nasdaq yesterday, markets are a tad inverted in Tuesday’ pre-market. While the S&P is flat at this hour and the Nasdaq looks to open -30 points, the Dow, which sold off in that growth/value trading cycle we’ve come to know, is +85 so far this morning. This appears to be part of the self-regulating the market has been engaged in since the Great Reopening was assured.
Tech and Healthcare sectors are still trading at record highs, as the S&P 500 is up 2.1% in the month of June. Barring a major reversal during regular trading today and tomorrow, this should be a strong month for the index. The Nasdaq has done even better: following some cyclical investing taking profits from growth names and put into cyclicals, the tech-heavy Nasdaq is back with a vengeance: +5.5% this month.
The Case-Shiller U.S. Home Price Index for April posted its highest figures in more than 30 years of this survey, +14.6% overall, north of the upwardly revised +13.3% reported for March. These figures are in the rearview mirror a bit, and as such may not reflect the supply glut which led to a surge in commodity input prices for the housing market. That said, April represented a record surge in housing values from the final word on the subject.
For the 23rd straight month, Phoenix led the way in home pricing, +22.3%, followed by San Diego at +21.6% and Seattle at +20.2%. All 20 cities in the survey finished higher, with Charlotte, Cleveland, Dallas, Denver and Seattle recording fresh all-time highs in home price value.
After the open into the regular trading day, a new Consumer Confidence Index for June comes out. We’re back toward the highs we haven’t seen since the late 1990s, with projections for 118.7 a step up from the 117.2 reported for May. For historical reference, our all-time lows on this index did not occur during the Covid-19 pandemic, but the Great Recession in the late Aughts.
Yesterday, with the passage of the latest Fed stress test of major U.S. banks — the better to foresee a future financial collapse such as the breakdown that led to the Great Recession — most of the biggest financial institutions on Wall Street wasted no time showering their shareholders with increased dividend yields. JPMorgan (JPM - Free Report) added 10 cents to its dividend, now at a full $1 per share, while Bank of America (BAC - Free Report) bumped its dividend up 17% to 21 cents per share.
Morgan Stanley (MS - Free Report) and Wells Fargo (WFC - Free Report) doubled their quarterly dividend yields, and Well added a generous share buyback to the tune of $18 billion. Year to date, the main Dividend ETF (DIVB - Free Report) has already outperformed the S&P 500: 19% vs. 14%. Only Citigroup (C - Free Report) kept its dividend where it is currently. The dividend moves for JPMorgan and Goldman Sachs (GS - Free Report) are a big reason the Dow is outperforming the other indexes so far this morning.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
Case-Shiller Reports Record +14.6% in April, New Bank Dividends
Tuesday, June 29, 2021
Off another day of record high closes on the S&P 500 and Nasdaq yesterday, markets are a tad inverted in Tuesday’ pre-market. While the S&P is flat at this hour and the Nasdaq looks to open -30 points, the Dow, which sold off in that growth/value trading cycle we’ve come to know, is +85 so far this morning. This appears to be part of the self-regulating the market has been engaged in since the Great Reopening was assured.
Tech and Healthcare sectors are still trading at record highs, as the S&P 500 is up 2.1% in the month of June. Barring a major reversal during regular trading today and tomorrow, this should be a strong month for the index. The Nasdaq has done even better: following some cyclical investing taking profits from growth names and put into cyclicals, the tech-heavy Nasdaq is back with a vengeance: +5.5% this month.
The Case-Shiller U.S. Home Price Index for April posted its highest figures in more than 30 years of this survey, +14.6% overall, north of the upwardly revised +13.3% reported for March. These figures are in the rearview mirror a bit, and as such may not reflect the supply glut which led to a surge in commodity input prices for the housing market. That said, April represented a record surge in housing values from the final word on the subject.
For the 23rd straight month, Phoenix led the way in home pricing, +22.3%, followed by San Diego at +21.6% and Seattle at +20.2%. All 20 cities in the survey finished higher, with Charlotte, Cleveland, Dallas, Denver and Seattle recording fresh all-time highs in home price value.
After the open into the regular trading day, a new Consumer Confidence Index for June comes out. We’re back toward the highs we haven’t seen since the late 1990s, with projections for 118.7 a step up from the 117.2 reported for May. For historical reference, our all-time lows on this index did not occur during the Covid-19 pandemic, but the Great Recession in the late Aughts.
Yesterday, with the passage of the latest Fed stress test of major U.S. banks — the better to foresee a future financial collapse such as the breakdown that led to the Great Recession — most of the biggest financial institutions on Wall Street wasted no time showering their shareholders with increased dividend yields. JPMorgan (JPM - Free Report) added 10 cents to its dividend, now at a full $1 per share, while Bank of America (BAC - Free Report) bumped its dividend up 17% to 21 cents per share.
Morgan Stanley (MS - Free Report) and Wells Fargo (WFC - Free Report) doubled their quarterly dividend yields, and Well added a generous share buyback to the tune of $18 billion. Year to date, the main Dividend ETF (DIVB - Free Report) has already outperformed the S&P 500: 19% vs. 14%. Only Citigroup (C - Free Report) kept its dividend where it is currently. The dividend moves for JPMorgan and Goldman Sachs (GS - Free Report) are a big reason the Dow is outperforming the other indexes so far this morning.
Questions or comments about this article and/or its author? Click here>>
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>