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.
So far so good for a new trading week: major indices closed in the green across the board, and up near session highs, as well. Some value shopping looks to have taken place, as industries that had been taking a backseat during this most recent pullback — such as Consumer Discretionary and Communications Services — gained on the day, roughly +1.5% or more on the day. The small-cap Russell 2000, still under water over the past month, led the way higher today.
Ultimately, the pop in the stock market was across the board today: the Dow, still working up from its near-term lows at the start of this month, gained +313 points, +0.93%. The Nasdaq and S&P 500, both snapping two-day losing streaks, were up +1.20% and +1.06% on the day, respectively. And the Russell grew +1.59% for the session. Generally speaking, bull runs like those many investors are looking for at the end of the calendar year, are spearheaded by the small-cap index.
E-commerce specialty Etsy (ETSY - Free Report) shot to one-month highs as of today’s close; it finished +4.1% but was up north of +5% earlier in the session. Warner Brothers Discovery (WBD - Free Report) performed even better on the day, +5.1%, enjoying a bit of resurgence now that the Writers Guild strike is over. On the other side, Moderna (MRNA - Free Report) shares were down -6.5% this session after Pfizer (PFE - Free Report) announced late last week that Covid vaccines were down from expectations.
Bond yields remain elevated today, but at least they’re not breaching new levels higher at this stage. The yield-curve inversion is still present, but currently less than by 50 basis points (bps). We’re still at historically high levels, especially on the the 10-year bond yield side, at 4.71%. The 2-year yield still carries a 5-handle, at 5.10%. An economy that looks like a steady-moving train — solid labor market numbers exist even in this high interest rate environment — is keeping these rates up.
Big Q3 earnings hit the tape tomorrow morning, including Johnson & Johnson (JNJ - Free Report) , Bank of America (BAC - Free Report) , Goldman Sachs (GS - Free Report) , United Airlines (UAL - Free Report) and Lockheed Martin (LMT - Free Report) . All of these industry leaders carry a Zacks Rank #3 (Hold) into their earnings release aside from J&J, which is currently a Zacks Rank #4 (Sell). Also, September Retail Sales, among other economic prints, also greet us ahead of Tuesday’s open. Questions or comments about this article and/or author? Click here>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Markets Pop on Bargain Hunting, Stronger Economy
So far so good for a new trading week: major indices closed in the green across the board, and up near session highs, as well. Some value shopping looks to have taken place, as industries that had been taking a backseat during this most recent pullback — such as Consumer Discretionary and Communications Services — gained on the day, roughly +1.5% or more on the day. The small-cap Russell 2000, still under water over the past month, led the way higher today.
Ultimately, the pop in the stock market was across the board today: the Dow, still working up from its near-term lows at the start of this month, gained +313 points, +0.93%. The Nasdaq and S&P 500, both snapping two-day losing streaks, were up +1.20% and +1.06% on the day, respectively. And the Russell grew +1.59% for the session. Generally speaking, bull runs like those many investors are looking for at the end of the calendar year, are spearheaded by the small-cap index.
E-commerce specialty Etsy (ETSY - Free Report) shot to one-month highs as of today’s close; it finished +4.1% but was up north of +5% earlier in the session. Warner Brothers Discovery (WBD - Free Report) performed even better on the day, +5.1%, enjoying a bit of resurgence now that the Writers Guild strike is over. On the other side, Moderna (MRNA - Free Report) shares were down -6.5% this session after Pfizer (PFE - Free Report) announced late last week that Covid vaccines were down from expectations.
Bond yields remain elevated today, but at least they’re not breaching new levels higher at this stage. The yield-curve inversion is still present, but currently less than by 50 basis points (bps). We’re still at historically high levels, especially on the the 10-year bond yield side, at 4.71%. The 2-year yield still carries a 5-handle, at 5.10%. An economy that looks like a steady-moving train — solid labor market numbers exist even in this high interest rate environment — is keeping these rates up.
Big Q3 earnings hit the tape tomorrow morning, including Johnson & Johnson (JNJ - Free Report) , Bank of America (BAC - Free Report) , Goldman Sachs (GS - Free Report) , United Airlines (UAL - Free Report) and Lockheed Martin (LMT - Free Report) . All of these industry leaders carry a Zacks Rank #3 (Hold) into their earnings release aside from J&J, which is currently a Zacks Rank #4 (Sell). Also, September Retail Sales, among other economic prints, also greet us ahead of Tuesday’s open.
Questions or comments about this article and/or author? Click here>>