Good MorningThe equity market correction accelerated on Monday with the major indices shedding more than 2.0% on an intraday basis. The total losses for the S&P 500 reached 10% at the low of the day but there is good news. The daily low coincided with an important support target and, so far at least, buyers are confirming that support.
On a technical basis, the broad-market S&P 500 bounced from the low of the day forming a hammer doji at key support target. The market may linger at these levels but it looks like the bulk of the selling is over for now. The next hurdle will be the 3rd quarter earnings reporting cycle which gets underway this week. Reports from likes of Nike, Costco, Carmax, and FedEx will set the market tone for the next few weeks at least.
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Stitch Fix (NASDAQ: SFIX) reports earnings after the market closes on September 22. Analysts are expecting the online personal shopping company to post improved numbers from the prior quarter. Stitch Fix is projected to lose 17 cents per share on revenue of $414.54.
In the prior quarter, which cl... Read the Full Story |
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Markets | | | In August, used car prices recorded their highest monthly gain since March 1969, with prices jumping 5.4% from July. Those gains followed a strong July, when used car prices increased 3.4% over June levels.
People are investing a lot of money into used cars, and automotive aftermarket parts supplie... Read the Full Story |
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Markets | | | Walmart Has Corrected, It’s Time To Buy Some More
Shares of Walmart (NYSE:WMT) hit an all-time earlier this month driven by rising revenue, growing profits, and tailwinds from the pandemic. Since then, the stock has corrected more than 10% and offering up an attractive entry for long-term inv... Read the Full Story |
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Automotive supplies retailer AutoZone (NYSE:AZO) seems to be firing on all cylinders. From in-store growth to rising e-commerce spending to a surging commercial business, customer demand has been strong from multiple directions over the last few years.
AutoZone's stock price has risen at a 31% an... Read the Full Story |
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Markets | | | A 7% move on Friday was enough to make shares of Aptiv (NYSE: APTV) the best performer in the S&P 500 index and to give them their highest closing price since February. They’re now up more than 200% from the lows of Q1 and show no sign of slowing down as we round the corner into the last q... Read the Full Story |
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The Early Bird Stock Of The Day Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as base oils and lubricants. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas. | | View Today's Stock Pick |
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