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Just when you think you have a handle on which way the trading winds blow, a gust from a different direction changes the pitch to your sail. The Dow opened this trading day down, while the Nasdaq was up and the S&P 500 was flat; we ended the day with both the Dow and the S&P up and the Nasdaq flat.
All officially closed in the green — with the exception of the small-cap Russell 2000, which was down another -0.95% today. All main indexes were in the red at some point today.
It was enough for the S&P to set a fresh all-time closing high, after taking a break yesterday, +0.34% to 4358. The Nasdaq, +0.01% on the day, was able to just eke out a new closing high of its own, 14,665. The Dow is within 100 points of its all-time closing high set on May 7th of this year. The Russell may soon be testing June lows, though the index is still up +15.8% year to date, behind only the S&P’s 17.8% since New Year’s this year.
The change in outlook among market participants appears to have come upon the release of Fed minutes from last month’s Federal Open Market Committee (FOMC) meeting, where a relatively more aggressive stance toward tapering bond buybacks and raising interest rates led at least a few analysts to believe a more draconian mindset was emerging. But this was not the case; dovishness still prevails, even as “talking about talking about” shifts in policy have begun.
Energy was the industry laggard today, as directionlessness on oil futures follows indecision from the OPEC+ meeting on allotments of barrels to the global market. The Energy SPDR ETF (XLE - Free Report) dropped -1.6% today, as WTI crude took another hit today, -2%. And while things like auto sales’ demand remains high, consumers are more frequently seeking out electric vehicles instead of gasoline-driven internal combustion engines.
Job Openings for May were slightly light from expectations, but in-line with April’s headline, which was revised downward a tad: 9.21 million in May was still higher than 9.19 million for April,. and represents a new all-time high for job openings. However, as we discussed in today’s Ahead of Wall Street, these are economic prints that are not only baked into the cake, they’re probably at least partly obsolete.
What we know for sure is this massive amount of jobs have indeed begun to get filled over the past couple months. Look at today’s Job Openings number as kind of sweeping up from last week’s Employment Situation report.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
Dovish Fed Minutes Give Investors Strength
Just when you think you have a handle on which way the trading winds blow, a gust from a different direction changes the pitch to your sail. The Dow opened this trading day down, while the Nasdaq was up and the S&P 500 was flat; we ended the day with both the Dow and the S&P up and the Nasdaq flat.
All officially closed in the green — with the exception of the small-cap Russell 2000, which was down another -0.95% today. All main indexes were in the red at some point today.
It was enough for the S&P to set a fresh all-time closing high, after taking a break yesterday, +0.34% to 4358. The Nasdaq, +0.01% on the day, was able to just eke out a new closing high of its own, 14,665. The Dow is within 100 points of its all-time closing high set on May 7th of this year. The Russell may soon be testing June lows, though the index is still up +15.8% year to date, behind only the S&P’s 17.8% since New Year’s this year.
The change in outlook among market participants appears to have come upon the release of Fed minutes from last month’s Federal Open Market Committee (FOMC) meeting, where a relatively more aggressive stance toward tapering bond buybacks and raising interest rates led at least a few analysts to believe a more draconian mindset was emerging. But this was not the case; dovishness still prevails, even as “talking about talking about” shifts in policy have begun.
Energy was the industry laggard today, as directionlessness on oil futures follows indecision from the OPEC+ meeting on allotments of barrels to the global market. The Energy SPDR ETF (XLE - Free Report) dropped -1.6% today, as WTI crude took another hit today, -2%. And while things like auto sales’ demand remains high, consumers are more frequently seeking out electric vehicles instead of gasoline-driven internal combustion engines.
Job Openings for May were slightly light from expectations, but in-line with April’s headline, which was revised downward a tad: 9.21 million in May was still higher than 9.19 million for April,. and represents a new all-time high for job openings. However, as we discussed in today’s Ahead of Wall Street, these are economic prints that are not only baked into the cake, they’re probably at least partly obsolete.
What we know for sure is this massive amount of jobs have indeed begun to get filled over the past couple months. Look at today’s Job Openings number as kind of sweeping up from last week’s Employment Situation report.
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Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>