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FDA Grants First Full Approval of COVID-19 Vaccine
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Don’t look now, but we’re riding a three-day winning streak on the S&P 500: after a couple weeks of slogging through a strong Q2 earnings season on fears of the Delta variant closing down the economy again, we now see FDA approval for the Pfizer (PFE - Free Report) vaccine and a fresh attitude toward the stock market. The Nasdaq is up three straight sessions as well, and has registered its first all-time closing high for the first time since August 5th.
For the Dow, it remains below all-time highs by roughly 0.8% this morning, and it is up two straight days. Currently, the Dow looks to open Tuesday’s session +50 points, the S&P 500 +4 points and the Nasdaq +15. We are also at the brink of a quiet period at the end of Q2 earnings season but prior to Labor Day; summertime only has a short window to take advantage of from here.
Aside from Covid concerns and the Delta variant, another big story hitting the market has been the harsh crackdown from the Chinese government on Chinese tech companies that appears to be growing too big and powerful for the central government to control outright. A bit of equilibrium may be forthcoming, however: Chinese tech has rallied of late, with Pinduoduo (PDD - Free Report) up +11.8% today and JD.com (JD - Free Report) +9%.
After the opening bell, we expect a new report on New Home Sales for July, where it is estimated 700K seasonally adjusted, annualized units will have been made last month. This would be an uptick from the 676K reported for June; these monthly figures had been falling every month since the 873K reported back in March. In January of this year, we saw nearly 1 million new homes sold. But supply constraints and subsequent high prices have thrown a wet blanket on the housing industry.
Ahead of today’s open, Best Buy (BBY - Free Report) outperformed expectations by a wide margin on both earnings and sales, with $2.98 per share easily shattering the $1.91 in the Zacks consensus, on $11.85 billion in revenues topping the $11.60 billion expected and up almost 20% year over year. Same-store sales also grew 20%, led by a 242% gain in online sales year over year.
Even in these challenging times for retail going back a year and a half, Best Buy has only missed earnings expectations once in the past five years. But the reason the stock has popped more than 4% on its earnings news this morning is in the upward revenue guidance for next quarter ($11.4-11.6 billion versus $10.49 billion consensus) and full year ($51-52 billion versus $49.56 billion consensus). Shares are still lagging the S&P year to date.
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FDA Grants First Full Approval of COVID-19 Vaccine
Don’t look now, but we’re riding a three-day winning streak on the S&P 500: after a couple weeks of slogging through a strong Q2 earnings season on fears of the Delta variant closing down the economy again, we now see FDA approval for the Pfizer (PFE - Free Report) vaccine and a fresh attitude toward the stock market. The Nasdaq is up three straight sessions as well, and has registered its first all-time closing high for the first time since August 5th.
For the Dow, it remains below all-time highs by roughly 0.8% this morning, and it is up two straight days. Currently, the Dow looks to open Tuesday’s session +50 points, the S&P 500 +4 points and the Nasdaq +15. We are also at the brink of a quiet period at the end of Q2 earnings season but prior to Labor Day; summertime only has a short window to take advantage of from here.
Aside from Covid concerns and the Delta variant, another big story hitting the market has been the harsh crackdown from the Chinese government on Chinese tech companies that appears to be growing too big and powerful for the central government to control outright. A bit of equilibrium may be forthcoming, however: Chinese tech has rallied of late, with Pinduoduo (PDD - Free Report) up +11.8% today and JD.com (JD - Free Report) +9%.
After the opening bell, we expect a new report on New Home Sales for July, where it is estimated 700K seasonally adjusted, annualized units will have been made last month. This would be an uptick from the 676K reported for June; these monthly figures had been falling every month since the 873K reported back in March. In January of this year, we saw nearly 1 million new homes sold. But supply constraints and subsequent high prices have thrown a wet blanket on the housing industry.
Ahead of today’s open, Best Buy (BBY - Free Report) outperformed expectations by a wide margin on both earnings and sales, with $2.98 per share easily shattering the $1.91 in the Zacks consensus, on $11.85 billion in revenues topping the $11.60 billion expected and up almost 20% year over year. Same-store sales also grew 20%, led by a 242% gain in online sales year over year.
Even in these challenging times for retail going back a year and a half, Best Buy has only missed earnings expectations once in the past five years. But the reason the stock has popped more than 4% on its earnings news this morning is in the upward revenue guidance for next quarter ($11.4-11.6 billion versus $10.49 billion consensus) and full year ($51-52 billion versus $49.56 billion consensus). Shares are still lagging the S&P year to date.