On today’s episode of the Zacks Friday Finish Line, Associate Stock Strategist Ryan McQueeney and Editor Maddy Johnson discuss the Fed’s dovish turn, historic Cyber Monday sales, earnings from Salesforce and Dick’s Sporting Goods, and what to expect from the G20 summit.
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It has been another busy week in global markets, as U.S. stocks on Wednesday posted their best trading session in eight months following Fed chair Jerome Powell’s latest speech. Powell said that interest rates were just below the central bank’s target, which was interpreted as a dovish turn from the “long way off” sentiment he had shared just months ago.
This news followed reports that the Turkey 5—an Amazon-coined term for the shopping holiday from Thanksgiving through Cyber Monday—witnessed historic sales. Amazon (AMZN - Free Report) actually announced that Cyber Monday itself was the single busiest shopping day in the company’s history, while retail trade organization and data firms confirmed that the shopping holidays broke records throughout the industry.
A few solid earnings reports, including that of Salesforce (CRM - Free Report) kept this positive momentum going. The cloud software giant this week comfortably surpassed earnings estimates and raised its full-year guidance, breathing fresh life into popular tech growth stocks. Earnings were mixed for retailer Dick’s Sporting Goods (DKS - Free Report) , however. Dick’s managed to beat bottom-line estimates and raise its outlook, but total revenue and comps disappointed investors.
Now, Wall Street’s attention will turn to the G20 summit in Buenos Aires, where U.S. President Trump and Chinese leader Xi will meet to discuss trade tensions between the two nations. The stakes are high for the Trump-Xi meeting, as investors have clearly declared their desire for progress to be made on ending the trade war.
Did these trade tensions cause the Fed to turn dovish? Can holiday sales continue to beat expectations? Will Trump and Xi find something to agree on? Maddy and Ryan explore all of these questions, and more, only on this week’s episode of Friday Finish Line!
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