Daily Market Recap
The Dow closed 0.51% higher and the S&P 500 moved 0.54% higher. Cyclical areas of the market traded higher today with semiconductors, retail and homebuilders outperforming.
In technology, capital equipment moved higher. The companies that make the machines that manufacture semiconductors reacted positively to strong capex guidance from Samsung. The guidance comes after Intel gave similar positive spending guidance last week. Large cap stocks that offset weakness today from Apple were Microsoft, Oracle, eBay and Cisco. Telecom equipment stocks moved higher after Juniper reported strong earnings.
Multi-line industrials continued to perform well today. Early cycle names continue to post earnings guidance in excess of expectations, and more importantly are giving stronger than expected forward guidance.
Futures pointed to a higher open on positive news from Europe. Data from Germany showed an improvement in the Business Climate Index. The current environment and expectations are better than expected.
Starbucks was a leader in the discretionary sector today. The stock moved sharply higher after they reported better than expected same store sales. Netflix shares continued to roar higher in a short squeeze that continues after they reported better than expected earnings a few days ago.
Energy prices were calm today but the energy sector outperformed the overall market. Halliburton broke out after they reported better than expected earnings. HAL moved higher by more than 5%.
Source: PFS Group
About PFS Group
PFS Group Archive
|10/16/2014||Moving to a Different State May Significantly Improve Your Retirement Goals||story|
|12/17/2013||Daily Market Recap||story|
|12/16/2013||Daily Market Recap||story|
|12/12/2013||Market Weakens Further on Taper Fears||story|
|12/09/2013||Daily Market Recap||story|
|12/06/2013||Daily Market Recap||story|
|11/26/2013||Daily Market Recap||story|
|11/19/2013||Daily Market Recap||story|
|11/18/2013||Daily Market Recap||story|
|11/14/2013||Daily Market Recap||story|