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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Broadcom Inc. (NASDAQ: AVGO), a global technology powerhouse specializing in semiconductor and infrastructure software solutions, recently announced a 10-for-1 forward stock split, effective July 12, 2024. This move has sparked renewed interest in Broadcom’s stock, leading many investors a... Read the Full Story |
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Typically, cryptocurrency-related stocks aren’t the first ones that come to mind for investors looking to diversify their portfolios and align themselves with the best potential upside in the coming months. However, outperforming the market involves recognizing shifts and making adjustments ... Read the Full Story |
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Earnings season is here again, and kicking it off are financial stocks like the commercial and investment banks that most people avoid due to their complex business models. However, as these banking stocks start to report their quarterly figures, investors can get a feel for how the sector is doin... Read the Full Story |
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The race for air taxis is taking off. These machines are technically called electric vertical take-off and landing (eVTOL) aircraft. What was once just a science fiction fantasy is gaining momentum towards becoming a regulated reality. Archer Aviation Inc. (NYSE: ACHR) is a leading company ... Read the Full Story |
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Amazon.com, Inc. (NASDAQ: AMZN) is a global e-commerce and cloud computing powerhouse. Its continued dominance is evident in its impressive financial performance and robust track record of growth. The Prime Day event, a significant sales driver, has sparked a renewed interest in Amazon's stock p... 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 | | | 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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Markets | | | Macy's is terminating its monthslong buyout talks with two investment firms, citing a substandard offer and the lack of certainty over financing. In announcing the end of negotiations on Monday, Macy’s alleged that Arkhouse Management and Brigade Capital Management did not meet its request for infor... 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 cycle management, patient engagement solutions, and clinical and patient education systems. It also provides a range of related services comprising software and design services, maintenance and repair, and equipment financing. The Animal Health segment distributes biologicals, pharmaceuticals, vaccines, parasiticides, diagnostics, prescription and non-prescription diets, nutritional's, consumable supplies, equipment, and software, as well as value-added services. This segment also provides private label portfolio of products to veterinarians, producers, and retailers under the Aspen, First Companion, and Patterson Veterinary brands. The Corporate segment offers customer financing services; and sells other miscellaneous products. It serves dentists, laboratories, institutions, other healthcare professionals, veterinarians, other animal health professionals, production animal operators, and animal health product retailers. The company was formerly known as Patterson Dental Company and changed its name to Patterson Companies, Inc. in June 2004. Patterson Companies, Inc. was founded in 1877 and is headquartered in Saint Paul, Minnesota. | | View Today's Stock Pick |
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