#WallStreet #stocks
$SPX $SPY $QQQ $RUT $DIA $VXX
“The major US benchmark indexes tested their 50-Day MAs, reversed and headed due North, and the Delta variant is much ado about nothing, as the market is ignoring it.”— Paul Ebeling
US markets are closed: S&P 500 + 0.82% ✧ Nasdaq + 0.91% ✧ Russell 2K + 1.81% ✧ Dow Jones + 0.82%
Wall Street marked its 2nd straight advance Wednesday, as strong corporate earnings and optimism about the US economic recovery fueled investor risk appetite.
All three major U.S. stock indexes extended the previous session’s gains, placing all within 1% of their all-time closing highs.
Economically sensitive small caps, semiconductors and financials outperformed the broader market: the Russell 2000 rose 1.8%.
- S&P 500 +16.0% YTD
- DJIA +13.7% YTD
- NAS +13.5% YTD
- Russell 2000 +13.1% YTD
Of the 11 sectors in the S&P 500, energy stocks were the big winners, helped by surging Crude Oil prices .
Q-2 reporting season is now overdrive, with 73 of the companies in the S&P 500 having posted results. Of those, 88% have beaten consensus expectations.
Current estimates show aggregate Y-Y S&P 500 earnings growth of 75% for the April to June frame a significant jump from the 54% growth seen at the beginning of the Quarter.
Reviewing Wednesday’s economic data:
- The weekly MBA Mortgage Applications Index decreased 4.0% following a 16.0% spike in the prior wk.
- Weekly Crude Oil inventories increased by 2.11-M bbls, the 1st inventory build reported out of the EIA in 9 wks.
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, Existing Home Sales for June, and the Conference Board’s Leading Economic Index for June Thursday.
Connecting the Dots: Fed Chairman Powell took over as head of the Federal Reserve in Y 2018 pledging a plain-spoken, language-of-the-people approach to talking about monetary policy. And his what, me worry emotional tone drives markets. Plus, all of our long term technical indicators are Very Bullish.
Have a prosperous day, Keep the Faith!
