The stock market looks set to coast into the weekend with yet another up month under its belt.
That’s even though the Bank of Japan’s latest stimulus disappointed overnight, boosting safety plays like the yen
and helping to put U.S. stock futures modestly in the red this morning.
And forecast-thwacking earnings late yesterday from Amazon
and Google parent Alphabet
are offsetting the BOJ’s bitter pill. Those reports came after Apple
beat earlier in the week, so you could excuse tweets like this one:
So it’s all hunky-dory? No, WTI crude has entered a bear market, and oil has been somewhat disturbing as “it’s failed to hold any kind of bid” in recent weeks, says ChessNwine.
Another “part of the bearish argument” right now is the zippy action by certain beaten-down stocks, the financial blogger adds.
That might signal this market rally has become overdone. More from him in our call of the day.
and S&P futures
are moving lower, as crude
pulls back. A key dollar index
is dropping, while Europe
gains. The Nikkei
erased losses and finished higher after the BOJ disappointment, but Chinese stocks
lost ground. Gold
It’s a big day for fans of U.S. economic data.
A reading on U.S. second-quarter GDP was surprisingly weak, while a report on employment costs matched forecasts. Chicago PMI and consumer sentiment are due to hit shortly after the open, then the afternoon will bring a fresh figure for North America’s oil-rig count.
5 — That’s how many months in a row the S&P 500
will have advanced, as long as the index manages to stay in the green for July today. The stock benchmark is up 3.4% for the month as of Thursday’s close.
When you see rallies by stocks like GoPro
— “which have been so bad for so long” — you might want to worry, says ChessNwine in his latest market recap.
“Maybe that means we’re close to a market top,” he says. “We’ll see.”
GoPro is up nearly 18% for the week as of Thursday’s close, as analysts chitchat about the camera maker returning to profitability. The stock is still in the red for the year, down 28%.
As for Fitbit, shares are up 6% for the week, but off 54% for the year.
These lousy stocks finding buyers and crude’s crash are both cause for concern, ChessNwine says. But he doesn’t sounds that bearish — maybe mostly bullish, in fact. “There are arguments for both sides,” he says diplomatically.
This stock market has its stars, after all. Amazon is “the quintessential market leader” with an “impeccable chart,” the financial blogger says.
But don’t “overtrade” this market as it holds in a narrow range, he adds. Wait for the S&P 500 to break higher or lower, as that will shed some light on how to play.
“From this compression, one would think we would get an explosion,” ChessNwine says, noting there is plenty for traders to chew on, such as the U.S. GDP report and the report cards for European banks hitting today.
Go here for his full take.
It’s a “Pokémon No” chart, as Zero Hedge puts it.
finished down 23.8% for the week in Tokyo, as shown in the chart above.
That appears to be its biggest weekly drop ever, according to FactSet data. The slide comes amid talk of “surprisingly little direct profit” for Nintendo from Pokémon Go, the wildly popular smartphone game.
The company also posted a quarterly loss earlier this week. But Nintendo still finished up 47.5% in July — not too shabby.
are now gaining premarket after their earnings late yesterday. Baidu
is heading in the other direction.
Amazon has swung around 60 billion in market value since the market closed. Glad the markets are run by professionals $amzn (long)
have been among the companies delivering earnings ahead of the opening bell.
Two San Diego cops were shot late Thursday.
“Donald Trump, you’re asking Americans to trust you with their future. Let me ask you, ‘Have you even read the United States Constitution? … You have sacrificed nothing.” — Khizr Khan, a Charlottesville, Va., resident whose Army captain son was killed in Iraq in 2004, made a splash last night at the Democratic National Convention.
Most-Tweeted moment of @HillaryClinton acceptance speech: “A man you can bait with a tweet is not a man we can trust with nuclear weapons.”
North Korea may have declared war against the U.S. The internet reacts with jokes.
“Trump’s connection with gold makes complete sense.”
Shocking that employees would do this: Yahoos gorged on free food.
How “lunch-bucket” guys are behind the U.S. Olympic basketball team.
Graphic T-shirt rules: Thou shalt not grab a tacky slogan tee at the mall.
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