Kadina Group president Gary B. Smith, Key Advisors Group CEO Eddie Ghabour and Money Map Press chief strategist Shah Gilani discuss today’s markets and which stocks to keep an eye on in the reopening trade.
U.S. equity markets gained for a second day Tuesday as the 10-year Treasury yield held near a two-week low and money rotated into growth stocks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34403.51 | +9.53 | +0.03% |
| SP500 | S&P 500 | 4201.16 | +4.11 | +0.10% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13693.075635 | +31.91 | +0.23% |
The Dow Jones Industrial Average climbed 71 points, or 0.21%, while the S&P 500 and the Nasdaq Composite rose 0.26% and 0.43%, respectively.
The 10-year yield on Tuesday touched 1.59%, down more than 15 basis points from its March high of 1.75%.
In economic news, the Case-Shiller Home Price Index, year-over-year, rose 13.3%, the most in 7 years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TOL | TOLL BROTHERS | 61.47 | +0.89 | +1.47% |
| DHI | D.R. HORTON INC. | 92.15 | +1.09 | +1.20% |
| LEN | LENNAR | 96.50 | +1.54 | +1.62% |
WOKENESS AT FED’S REGIONAL BANKS PUTS CENTRAL BANK INDEPENDENCE AT RISK
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 251.46 | +0.68 | +0.27% |
| AMZN | AMAZON.COM, INC. | 3,262.80 | +17.81 | +0.55% |
| AAPL | APPLE, INC. | 126.99 | -0.11 | -0.09% |
A drop in yields has in recent months boosted growth stocks like Amazon Inc., Apple Inc. and Microsoft Corp., which typically perform better in a lower interest-rate environment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 240.43 | +3.12 | +1.32% |
Elsewhere, Boeing Co. received an order from aircraft leasing business SMBC Aviation Capital for 14 additional 737 Max jets. Delivery of the aircraft will begin later this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS | 58.81 | +2.67 | +4.76% |
United Airlines Holdings Inc. raised its yield forecast for the current quarter due to increased demand for domestic leisure travel. The airline sees total revenue for each seat mile down 12% compared to the same period in 2019, an improvement from its previous estimate of a 20% decline.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHAK | SHAKE SHACK | 92.55 | +8.00 | +9.46% |
Meanwhile, Shake Shack Inc. shares spiked after receiving an upgrade to “buy” from “neutral” at Goldman Sachs, which cited the recent 35% pullback as a buying opportunity.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AZO | AUTOZONE | 1,449.87 | +2.01 | +0.14% |
In earnings, AutoZone Inc. blew past Wall Street estimates for both earnings and revenue as same-store sales surged 28.9% year over year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIDE | LORDSTOWN MOTORS | 9.67 | +0.09 | +0.94% |
Lordstown Motors Corp. said 2021 production will be half of expectations and that it will need to raise additional capital to deliver on its plans. The company reported a larger-than-expected quarterly loss.
In commodities, West Texas Intermediate crude oil ticked up 9 cents to $66.14 per barrel and gold lost $3.50 to $1,881 per ounce.
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Overseas markets were mostly higher.
Germany’s DAX 30 paced the advance in Europe, trading up 0.52%, while France’s CAC 30 rose 0.03% and Britain’s FTSE 100 slipped 0.09%.
In Asia, Japan’s Nikkei 225 advanced 0.67%, Hong Kong’s Hang Seng index advanced 1.75% and China’s Shanghai Composite gained 2.41%.
