We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Case-Shiller Home Price Hits Highest in Years
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.