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Friday, July 30, 2021
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Financials Leading Wall Street Due North

#financials #WallStreet

$DIA $SPY $QQQ $RUTX $VXX

There is no ‘gloom and doom’ in this market, so tune out the Noise” — Paul Ebeling

Friday, the major US stock indexes rallied to record closing highs as financials and other economically sectors led the rally. The wk also saw a sharp rally in US Treasuries.

S&P financials led sector gains followed by energy, materials and industrials.

DJIA +448.23 at 34870.16, NAS Comp +142.13 at 14701.92, S&P 500 +48.73 at 4369.55

The S&P 500 rallying 1.1% to intraday and closing record highs and the 10-yr T-Note yield rebounding 7 bpts to 1.36%. The NAS Comp(+1.0%) and DJIA (+1.3%) also closed at record highs, while the Russell 2000 (+2.0%) outperformed

  • S&P 500 +16.3% YTD
  • Russell 2000 +15.5% YTD
  • NAS Comp +14.1% YTD
  • DJIA +13.9% YTD

Looking Ahead: Investors will not receive any notable economic data Monday

Next wk: Big banks will be among the 1st to report Quarterly earnings. A big jump in quarterly earnings is expected to mark a peak for US profit growth in the recovery from last year’s virus-induced correction, note that the correction was healthy.

Analysts expect earnings growth of 65.8% for companies in the S&P 500 index in the Quarter, up from a previous forecast of 54% growth at the start of the frame, according to Refinitiv IBES data.

Have a positive weekend, Keep the Faith!

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Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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