Good MorningA better-than-expected Retail Sales report helped the S&P 500 advance on Tuesday. However, the 0.0% monthly gain and 2.3% YOY comparison are tepid, casting a shadow of doubt on economic strength. At 2.3%, the increase in retail sales is insufficient to offset inflation, which means the volume of activity is contracting. In this environment, there is only so high that the S&P 500 can go before it contracts.
The S&P 500 is overextended at these levels and needs a healthy correction. The question is how much hang time the index will have at this peak and how deep the correction might be when it comes. Assuming no change in the news flow, the odds are high that the correction will be short and quickly lead to the next buying opportunity for index investors.
The trigger for the correction may be the July FOMC meeting in two weeks. The FOMC is not expected to cut rates at this meeting but is expected to signal the possibility of cuts coming soon. The CME FedWatch Tool shows the market pricing in a 100% chance for a rate cut in September. The risk for the S&P 500 is that interest rate cuts are already priced into the market, and the FOMC meeting will become a sell-the-news event. Featured: A lot of people are making this costly mistake (WealthPress) 
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Markets | | | Most of the market’s attention is now centered around the technology sector, particularly those stocks dealing with the growth and global adoption of artificial intelligence. Investors could point to NVIDIA Co. (NASDAQ: NVDA) as the primary stock in this group, as it has delivered a rally of... Read the Full Story >> |
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Markets | | | PriceSmart (NASDAQ: PSMT) has been biding its time for the last few years, growing its network and building leverage for investors. The company is well-positioned within the retail market serving Latin America and the Caribbean, a territory poised to outpace the globe regarding GDP growth. It is... Read the Full Story >> |
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Markets | | | As the digital currency giant Bitcoin stages an impressive rally and surges beyond the $64,500 mark, excitement and anticipation have again begun to grip market participants. The cryptocurrency market's volatility and thrill continue to captivate seasoned investors and curious newcomers. Wh... Read the Full Story >> |
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Markets | | | Electric vehicle (EV) maker Lucid Group Inc. (NASDAQ: LCID) was once touted as a Tesla Inc. (NASDAQ: TSLA) killer with its sleek luxury designs and purportedly superior performance. The hype sent shares as high as $64.86 on February 16, 2021, but came crashing down to an all-time low of $2.29 on... Read the Full Story >> |
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Markets | | | In a year of major elections setting the course of many countries for years to come, China's ruling Communist Party is holding top-level meetings in Beijing to draft policies for reviving its slowing economy Read the Full Story >> |
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Markets | | | UnitedHealth Group (NYSE: UNH) has headwinds, but its healthcare business and operational quality offset them, setting the stock to hit new all-time highs. The primary culprit is the recent cyber attacks, which shut down a significant portion of its network and cost more than previously estimate... Read the Full Story >> |
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Markets | | | Global stocks fell Wednesday as technology shares sank after a report said the U.S. plans tighter import controls on companies that share chip-making technology with China. London's FTSE 100 edged 0.1% higher to 8,169.24 as data showed the inflation rate remained steady at the Bank of England's 2% t... Read the Full Story >> |
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Markets | | | Bank of America said its profits fell in the second quarter, as higher interest rates ate into BofA's expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division which helped make up for some of the... Read the Full Story >> |
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Markets | | | UnitedHealth topped second-quarter forecasts but remains cautious about the year as it continues to eat costs from a massive cyberattack and deals with rising medical expenses.The health care giant on Tuesday said it was sticking with an earnings forecast for 2024 it first laid out last fall that in... Read the Full Story >> |
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Markets | | | The International Monetary Fund on Tuesday upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan. But it says worldwide progress against accelerating prices has been slowed by stickier-than-expected inflation for serv... Read the Full Story >> |
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Wednesday's Early Bird Stock Of The Day Patterson Companies, Inc. engages in the distribution of dental and animal health products in the United States, the United Kingdom, and Canada. The company operates through three segments: Dental, Animal Health, and Corporate segments. The Dental segment offers consumable products, including infection control, restorative materials, and instruments; basic and advanced technology and dental equipment; practice optimization solutions, such as practice management software, e-commerce, revenue cycl... | | View Today's Stock Pick |
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