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The S&P 500 Index Wednesday closed up +1.58%, the Dow Jones Industrials Index closed up +0.24%, and the Nasdaq 100 Index closed up +3.01%.
US stocks rallied Wednesday, with the S&P 500 and Nasdaq 100 posting 1-week highs and the Dow Jones Industrials posting a 1-1/2 week high. A flurry of bullish news Wednesday fueled a sharp rebound in chip stocks. Nvidia surged more than +12% after Morgan Stanley named the stock a top US chip stock pick and said the recent selloff in the stock has opened up a good entry point. Also, ASML Holding NV rose more than +8% after Reuters reported the Biden administration planned to exempt chip equipment makers in Japan, the Netherlands, and South Korea from upcoming export restrictions. In addition, Advanced Micro Devices rose more than +7% after an upbeat revenue forecast.
Stock indexes also found support Wednesday after the 10-year T-note yield fell to a 4-1/2 month low when the US Jul ADP employment change and the Q2 employment cost index rose less than expected, dovish factors for Fed policy. Stocks raced to their highs Wednesday afternoon when Fed Chair Powell said upside risks to inflation have come down as the labor market has cooled and a Fed rate cut "could be" on the table at the September FOMC meeting.
The FOMC, as expected, kept the fed funds target rate unchanged at 5.25%-5.50% and said it doesn't expect to cut interest rates "until it has gained greater confidence that inflation is moving sustainably toward 2%." However, the FOMC tweaked its post-meeting statement to say it is "attentive to the risks to both sides of its dual mandate," rather than prior wording focused just on inflation risks.
The US Jul ADP employment change rose +122,000, weaker than expectations of +150,000 and the smallest increase in 6 months.
The US Q2 employment cost index rose +0.9% q/q, weaker than expectations of +1.0% q/q.
The US Jul MNI Chicago PMI fell -2.1 to 45.3, a smaller decline than expectations of 45.0.
US Jun pending home sales rose +4.8% m/m, stronger than expectations of +1.5% m/m and the biggest increase in 6 months.
On Wednesday, the BOJ unexpectedly voted 7-2 to raise its benchmark interest rate to 0.25% from 0% to 0.1%. The BOJ also said it would reduce its monthly pace of bond purchases to around 3 trillion yen ($19.9 billion) by the first quarter of 2026 from 5.7 trillion yen in July.
Stock investors will continue to focus on tech stocks, with key earnings reports on tap for this week. Magnificent 7 companies reporting this week include Meta after Wednesday’s close and Apple and Amazon on Thursday. Nvidia is expected to report earnings on August 28.
The market consensus is that Q2 earnings for the S&P 500 companies will rise +9% y/y. About one-third of the companies in the S&P 500 have reported thus far. According to Bloomberg, most reporting companies have beaten their earnings consensus, but only 43% have beaten revenue expectations, the lowest percentage in five years.
The markets are discounting the chances for a -25 bp rate cut at 100% for the September 17-18 FOMC meeting.
Overseas stock markets Wednesday settled higher. The Euro Stoxx 50 rose to a 1-week high and closed up +0.66%. China's Shanghai Composite rose to a 1-week high and closed up +2.06%. Japan's Nikkei Stock 225 Index rose to a 1-week high and closed up by +1.49%.
Interest Rates
September 10-year T-notes (ZNU24) Wednesday closed up +8 ticks. The 10-year T-note yield fell -4.0 bp to 4.099%. Sep T-notes Wednesday rallied to a 6-month nearest-futures high, and the 10-year T-note yield fell to a 4-1/2 month low of 4.070%. T-note prices are underpinned by an increase in safe-haven demand due to rising geopolitical tensions in the Middle East after Israel said it assassinated top leaders of Hezbollah in Beirut and Hamas in Tehran. T-notes also found support from Wednesday’s US economic news that showed the US Jul ADP employment change and the Q2 employment cost index rose less than expected, dovish factors for Fed policy. T-notes raced to their highs Wednesday afternoon when Fed Chair Powell said a Fed rate cut "could be" on the table at the September FOMC meeting.
T-notes also found support Wednesday as supply concerns eased after the Treasury left its quarterly issuance of longer-term debt unchanged for a second quarter at $125 billion and maintained its guidance that it doesn’t expect to need increasing issuance of notes and bonds for “several quarters.”
European government bond yields Wednesday moved lower. The 10-year German bund yield fell to a 4-month low of 2.300% and finished down -3.6 bp at 2.304%. The 10-year UK gilt yield fell to a 4-month low of 3.967% and finished down -7.3 bp at 3.970%.
Eurozone Jul CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y. The Jul core CPI rose +2.9% y/y, stronger than expectations of +2.8% y/y.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 95% for the September 12 meeting.
US Stock Movers
Nvidia closed up more than +12% to lead gainers in the Nasdaq 100 after Morgan Stanley named the stock a top US chip stock pick and said recent weakness in the stock provides a “good entry point.”
Vistra Corp closed up more than +14% to lead gainers in the S&P 500 after results of an auction by grid operator PJM Interconnection LLC said power generators that provide electricity to the 13-state grid that stretches from New Jersey to Illinois will get a record $269.92 per megawatt-day from utilities to provide capacity over a 12-month period starting in June, a more than ninefold increase from $28.92 in last year’s auction.
Match Group closed up more than +13% after reporting Q2 revenue of $864.1 million, above the consensus of $856.6 million, and it said it plans to cut about 6% of its global staff.
ASML Holding NV closed up more than +8% after Reuters reported the company will be exempt from new US chip export restrictions.
Advanced Micro Devices closed up more than +4% after reporting Q2 revenue of $5.80 billion, above the consensus of $5.73 billion, and said it will commit to annual introductions of new AI processors.
Chip stocks rebounded Wednesday and recovered from Tuesday’s selloff, which gave a boost to the overall market. Broadcom closed up more than +11%, Also, ARM Holdings Plc , KLA Corp , and Qualcomm closed up more than +8%, while Applied Materials , Micron Technology , and Lam Research closed up more than +7%. In addition, Marvell Technology closed up more than +6%, and ON Semiconductor Corp and Western Digital closed up more than +5%.
BorgWarner closed up more than +8% after reporting Q2 adjusted EPS of $1.19, stronger than the consensus of $1.00.
Dupont de Nemours closed up more than +4% after reporting Q2 net sales of $3.20 billion, better than the consensus of $3.05 billion, and raised its full-year net sales forecast to $12.40 billion-$12.50 billion from a previous estimate of $12.10 billion-$12.40 billion.
Starbucks closed up more than +2% after reporting Q3 adjusted EPS of 93 cents, better than the consensus of 92 cents.
Humana closed down more than -10% to lead losers in the S&P 500 after cutting its full-year EPS estimate to $12.81 from a prior view of $13.93 and warned of higher-than-expected inpatient hospital admissions that point toward elevated costs for the company.
Verisk Analytics closed down more than -8% to lead losers in the Nasdaq 100 after forecasting full-year adjusted EPS of $6.30-$6.60, the midpoint below the consensus of $6.57.
Bunge Global closed down more than -8% after reporting Q2 net sales of $13.24 billion, well below the consensus of $14.19 billion.
Groupon closed down more than -15% after cutting its full-year adjusted Ebitda estimate to $65 million-$80 million from a previous forecast of $80 million-$100 million, well below the consensus of $98.7 million.
Pinterest closed down more than -14% after forecasting Q3 revenue of $885 million-$900 million, weaker than the consensus of $907.7 million.
Marriott International closed down more than -5% after cutting its full-year adjusted EPS forecast to $9.23-$9.40 from a previous estimate of $9.31-$9.65, weaker than the consensus of $9.50.
Skyworks Solutions closed down more than -3% after reporting Q3 adjusted EPS of $1.21, below the consensus of $1.22. forecast to $11.55-$11.65 from a previous estimate of $11.75-$12.05, below the consensus of $11.80.
Microsoft closed down more than -1% after reporting Q4 cloud revenue of $36.80 billion, weaker than the consensus of $36.84 billion.
Earnings Reports (8/1/2024)
AES Corp/The (AES), Air Products and Chemicals Inc (APD), Alliant Energy Corp (LNT), Amazon.com Inc (AMZN), Ameren Corp (AEE), AMETEK Inc (AME), Apple Inc (AAPL), Aptiv PLC (APTV), Ball Corp (BALL), Becton Dickinson & Co (BDX), Biogen Inc (BIIB), Bio-Rad Laboratories Inc (BIO), Booking Holdings Inc (BKNG), Camden Property Trust (CPT), Celanese Corp (CE), Cigna Group/The (CI), Clorox Co/The (CLX), ConocoPhillips (COP), Consolidated Edison Inc (ED), Coterra Energy Inc (CTRA), Cummins Inc (CMI), Dominion Energy Inc (D), Eaton Corp PLC (ETN), Entergy Corp (ETR), EOG Resources Inc (EOG), Exelon Corp (EXC), Federal Realty Investment Trust (FRT), Gen Digital Inc (GEN), GoDaddy Inc (GDDY), Hershey Co/The (HSY), Huntington Ingalls Industries (HII), Intel Corp (INTC), Intercontinental Exchange Inc (ICE), Iron Mountain Inc (IRM), Kellanova (K), Kimco Realty Corp (KIM), Labcorp Holdings Inc (LH), Mettler-Toledo International Inc (MTD), Microchip Technology Inc (MCHP), Moderna Inc (MRNA), Monolithic Power Systems Inc (MPWR), Motorola Solutions Inc (MSI), Pinnacle West Capital Corp (PNW), Prudential Financial Inc (PRU), Quanta Services Inc (PWR), Regency Centers Corp (REG), Regeneron Pharmaceuticals Inc (REGN), ResMed Inc (RMD), Southern Co/The (SO), Targa Resources Corp (TRGP), Teleflex Inc (TFX),
Ventas Inc (VTR), Vertex Pharmaceuticals Inc (VRTX), WW Grainger Inc (GWW), Xcel Energy Inc (XEL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The S&P 500 Index today is up +1.71%, the Dow Jones Industrials Index is up +0.44%, and the Nasdaq 100 Index is up +2.89%.
US stocks today are moderately higher, with the S&P 500 and Nasdaq 100 posting 1-week highs and the Dow Jones Industrials posting a 1-1/2 week high. A flurry of bullish news today is powering a rebound in chip stocks. Nvidia is up more than +10% after Morgan Stanley named the stock a top US chip stock pick and said the recent selloff in the stock has opened up a good entry point. Also, ASML Holding NV is up more than +7% after Reuters reported the Biden administration planned to exempt chip equipment makers in Japan, the Netherlands, and South Korea from upcoming export restrictions. In addition, Advanced Micro Devices is up more than +6% after an upbeat revenue forecast.
Stock indexes extended their gains today after the 10-year T-note yield fell to a 4-1/2 month low when the US Jul ADP employment change and the Q2 employment cost index rose less than expected, dovish factors for Fed policy.
The US Jul ADP employment change rose +122,000, weaker than expectations of +150,000 and the smallest increase in 6 months.
The US Q2 employment cost index rose +0.9% q/q, weaker than expectations of +1.0% q/q.
The US Jul MNI Chicago PMI fell -2.1 to 45.3, a smaller decline than expectations of 45.0.
US Jun pending home sales rose +4.8% m/m, stronger than expectations of +1.5% m/m and the biggest increase in 6 months.
After today’s 2-day FOMC meeting, the Federal Reserve is expected to keep the fed funds target range unchanged at 5.25%-5.50% and is likely to signal its intention to cut interest rates in September. The markets will scour comments from Fed Chair Powell after today’s FOMC meeting for clues to the future of Fed policy.
Today, The BOJ unexpectedly voted 7-2 to raise its benchmark interest rate to 0.25% from 0% to 0.1%. The BOJ also said it would reduce its monthly pace of bond purchases to around 3 trillion yen ($19.9 billion) by the first quarter of 2026 from 5.7 trillion yen in July.
Stock investors will continue to focus on tech stocks, with key earnings reports on tap for this week. Magnificent 7 companies reporting this week include Meta after today’s close and Apple and Amazon on Thursday. Nvidia is expected to report earnings on August 28.
The market consensus is that Q2 earnings for the S&P 500 companies will rise +9% y/y. About one-third of the companies in the S&P 500 have reported thus far. According to Bloomberg, most reporting companies have beaten their earnings consensus, but only 43% have beaten revenue expectations, the lowest percentage in five years.
The markets are discounting the chances for a -25 bp rate cut at 3% for this week's FOMC meeting on Tue/Wed and 100% for the following meeting on September 17-18 if the FOMC does not cut rates next week.
Overseas stock markets today are higher. The Euro Stoxx 50 rose to a 1-week high and is up +0.71%. China's Shanghai Composite rose to a 1-week high and closed up +2.06%. Japan's Nikkei Stock 225 Index rose to a 1-week high and closed up by +1.49%.
Interest Rates
September 10-year T-notes (ZNU24) today are up +8 ticks. The 10-year T-note yield is down -4.1 bp at 4.099%. Sep T-notes today climbed to a 6-month nearest-futures high, and the 10-year T-note yield fell to a 4-1/2 month low of 4.089%. T-note prices are underpinned by an increase in safe-haven demand due to rising geopolitical tensions in the Middle East after Israel said it assassinated top leaders of Hezbollah in Beirut and Hamas in Tehran. T-notes also have carryover support from today’s rally in European government bonds. In addition, a decline in inflation expectations is bullish for T-notes after the 10-year breakeven inflation rate today fell to a 5-week low of 2.225%. T-notes extended their gains after the US Jul ADP employment change, and the Q2 employment cost index rose less than expected, dovish factors for Fed policy.
T-notes also found support today on reduced supply concerns after the Treasury left its quarterly issuance of longer-term debt unchanged for a second quarter at $125 billion and maintained its guidance that it doesn’t expect to need increasing issuance of notes and bonds for “several quarters.”
European government bond yields today are moving lower. The 10-year German bund yield fell to a 4-month low of 2.303% and is down -3.2 bp at 2.308%. The 10-year UK gilt yield fell to a 4-month low of 3.971% and is down -6.3 bp to 3.980%.
Eurozone Jul CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y. The Jul core CPI rose +2.9% y/y, stronger than expectations of +2.8% y/y.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 95% for the September 12 meeting.
US Stock Movers
Nvidia is up more than +10% to lead gainers in the Nasdaq 100 after Morgan Stanley named the stock a top US chip stock pick and said recent weakness in the stock provides a “good entry point.”
Vistra Corp is up more than +13% to lead gainers in the S&P 500 after announcing the Nuclear Regulatory Commission approved its request to extend the operation of Comanche Park Nuclear Power Plant through 2053, an additional 20 years beyond its original licenses.
Match Group is up more than +11% after reporting Q2 revenue of $864.1 million, above the consensus of $856.6 million, and it said it plans to cut about 6% of its global staff.
ASML Holding NV is up more than +7% after Reuters reported the company will be exempt from new US chip export restrictions.
Advanced Micro Devices is up more than +6% after reporting Q2 revenue of $5.80 billion, above the consensus of $5.73 billion, and said it will commit to annual introductions of new AI processors.
Chip stocks rebounded today from Tuesday’s selloff and support gains in the overall market. Broadcom is up more than +8%, and ARM Holdings Plc and Micron Technology are up more than +6%. Also, Applied Materials and Lam Research are up more than +5%. In addition, KLA Corp , ON Semiconductor Corp , Qualcomm , and Western Digital are up more than +4%.
BorgWarner is up more than +8% after reporting Q2 adjusted EPS of $1.19, stronger than the consensus of $1.00.
Dupont de Nemours is up more than +5% after reporting Q2 net sales of $3.20 billion, better than the consensus of $3.05 billion, and raised its full-year net sales forecast to $12.40 billion-$12.50 billion from a previous estimate of $12.10 billion-$12.40 billion.
Starbucks is up more than +3% after reporting Q3 adjusted EPS of 93 cents, better than the consensus of 92 cents.
Bunge Global is down more than -8% to lead losers in the S&P 500 after reporting Q2 net sales of $13.24 billion, well below the consensus of $14.19 billion.
Verisk Analytics is down more than -7% to lead losers in the Nasdaq 100 after forecasting full-year adjusted EPS of $6.30-$6.60, the midpoint below the consensus of $6.57.
Humana is down more than -8% after cutting its full-year EPS estimate to $12.81 from a prior view of $13.93 and warned of higher-than-expected inpatient hospital admissions that point toward elevated costs for the company.
Skyworks Solutions is down more than -7% after reporting Q3 adjusted EPS of $1.21, below the consensus of $1.22. forecast to $11.55-$11.65 from a previous estimate of $11.75-$12.05, below the consensus of $11.80.
Microsoft is down more than -1% to lead losers in the Dow Jones Industrials after reporting Q4 cloud revenue of $36.80 billion, weaker than the consensus of $36.84 billion.
Groupon is down more than -7% after cutting its full-year adjusted Ebitda estimate to $65 million-$80 million from a previous forecast of $80 million-$100 million, well below the consensus of $98.7 million.
Pinterest is down more than -13% after forecasting Q3 revenue of $885 million-$900 million, weaker than the consensus of $907.7 million.
Marriott International is down more than -6% after cutting its full-year adjusted EPS forecast to $9.23-$9.40 from a previous estimate of $9.31-$9.65, weaker than the consensus of $9.50.
Earnings Reports (7/31/2024)
Aflac Inc (AFL), Albemarle Corp (ALB), Allstate Corp/The (ALL), Altria Group Inc (MO), American International Group Inc (AIG), American Water Works Co Inc (AWK), ANSYS Inc (ANSS), APA Corp (APA), Automatic Data Processing Inc (ADP), AvalonBay Communities Inc (AVB), Boeing Co/The (BA), BorgWarner Inc (BWA), Bunge Global SA (BG), CDW Corp/DE (CDW), Cencora Inc (COR), CH Robinson Worldwide Inc (CHRW), Cognizant Technology Solutions (CTSH), Corteva Inc (CTVA), Dayforce Inc (DAY), DuPont de Nemours Inc (DD), eBay Inc (EBAY), Etsy Inc (ETSY), Everest Group Ltd (EG), Eversource Energy (ES), Fair Isaac Corp (FICO), FMC Corp (FMC), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), Hess Corp (HES), Host Hotels & Resorts Inc (HST), Humana Inc (HUM), IDEX Corp (IEX), Ingersoll Rand Inc (IR), Johnson Controls International (JCI), KKR & Co Inc (KKR), Kraft Heinz Co/The (KHC), Lam Research Corp (LRCX), Marriott International Inc/MD (MAR), Mastercard Inc (MA), Meta Platforms Inc (META), MetLife Inc (MET), MGM Resorts International (MGM), Mid-America Apartment Communities (MAA), Norwegian Cruise Line Holdings (NCLH), Paycom Software Inc (PAYC), PTC Inc (PTC), QUALCOMM Inc (QCOM), T-Mobile US Inc (TMUS), Trane Technologies PLC (TT), Verisk Analytics Inc (VRSK), VICI Properties Inc (VICI), Waters Corp (WAT), WEC Energy Group Inc (WEC), Western Digital Corp (WDC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The S&P 500 Index today is up +1.18%, the Dow Jones Industrials Index is down -0.09%, and the Nasdaq 100 Index is up +2.29%.
US stocks today are mostly higher, with the S&P 500 and Nasdaq 100 posting 1-week highs as a flurry of bullish news powers a rebound in chip stocks. ASML Holding NV is up more than +7% after Reuters reported the Biden administration planned to exempt chip equipment makers in Japan, the Netherlands, and South Korea from upcoming export restrictions. Also, Advanced Micro Devices is up more than +7% after an upbeat revenue forecast. In addition, Nvidia is up more than +7% after Morgan Stanley named the stock a top US chip stock pick and said the recent selloff in the stock has opened up a good entry point.
Stock indexes extended their gains today after the 10-year T-note yield fell to a 4-1/2 month low when the US Jul ADP employment change and the Q2 employment cost index rose less than expected, dovish factors for Fed policy.
The US Jul ADP employment change rose +122,000, weaker than expectations of +150,000 and the smallest increase in 6 months.
The US Q2 employment cost index rose +0.9% q/q, weaker than expectations of +1.0% q/q.
At the conclusion of today’s 2-day FOMC meeting, the Federal Reserve is expected to keep the fed funds target range unchanged at 5.25%-5.50% and is likely to signal its intention to cut interest rates in September. The markets will scour comments from Fed Chair Powell after today’s FOMC meeting for clues to the future of Fed policy.
Today, The BOJ unexpectedly voted 7-2 to raise its benchmark interest rate to 0.25% from 0% to 0.1%. The BOJ also said it would reduce its monthly pace of bond purchases to around 3 trillion yen ($19.9 billion) by the first quarter of 2026 from 5.7 trillion yen in July.
Stock investors will continue to focus on tech stocks, with key earnings reports on tap for this week. Magnificent 7 companies reporting this week include Meta after today’s close and Apple and Amazon on Thursday. Nvidia is expected to report earnings on August 28.
The market consensus is that Q2 earnings for the S&P 500 companies will rise +9% y/y. About one-third of the companies in the S&P 500 have reported thus far. According to Bloomberg, most reporting companies have beaten their earnings consensus, but only 43% have beaten revenue expectations, the lowest percentage in five years.
The markets are discounting the chances for a -25 bp rate cut at 3% for this week's FOMC meeting on Tue/Wed and 100% for the following meeting on September 17-18 if the FOMC does not cut rates next week.
Overseas stock markets today are higher. The Euro Stoxx 50 rose to a 1-week high and is up +0.88%. China's Shanghai Composite rose to a 1-week high and closed up +2.06%. Japan's Nikkei Stock 225 Index rose to a 1-week high and closed up by +1.49%.
Interest Rates
September 10-year T-notes (ZNU24) today are up +7 ticks. The 10-year T-note yield is down -3.9 bp at 4.101%. Sep T-notes today climbed to a 6-month nearest-futures high, and the 10-year T-note yield fell to a 4-1/2 month low of 4.097%. T-note prices are underpinned by an increase in safe-haven demand due to rising geopolitical tensions in the Middle East after Israel said it assassinated top leaders of Hezbollah in Beirut and Hamas in Tehran. T-notes also have carryover support from a rally in European government bonds. T-notes extended their gains after the US Jul ADP employment change, and the Q2 employment cost index rose less than expected, dovish factors for Fed policy.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 4-month low of 2.305% and is down -3.1 bp at 2.309%. The 10-year UK gilt yield fell to a 3-1/2 month low of 3.987% and is down -5.5 bp to 3.988%.
Eurozone Jul CPI rose +2.6% y/y, stronger than expectations of +2.5% y/y. The Jul core CPI rose +2.9% y/y, stronger than expectations of +2.8% y/y.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 95% for the September 12 meeting.
US Stock Movers
Vistra Corp is up more than +16% to lead gainers in the S&P 500 after announcing the Nuclear Regulatory Commission approved its request to extend the operation of Comanche Park Nuclear Power Plant through 2053, an additional 20 years beyond its original licenses.
Advanced Micro Devices is up more than +7% after reporting Q2 revenue of $5.80 billion, above the consensus of $5.73 billion, and said it will commit to annual introductions of new AI processors.
ASML Holding NV is up more than +7% after Reuters reported the company will be exempt from new US chip export restrictions.
Nvidia is up more than +7% after Morgan Stanley named the stock a top US chip stock pick and said recent weakness in the stock provides a “good entry point.”
Chip stocks rebounded today from Tuesday’s selloff and support gains in the overall market. Nvidia closed down more than -7%. Also, ARM Holdings Plc , Micron Technology , KLA Corp , and Broadcom are up more than +6%. Also, Applied Materials , Marvell Technology , and Western Digital are up more than +5%. In addition, Lam Research and Qualcomm are up more than +4%.
BorgWarner is up more than +8% after reporting Q2 adjusted EPS of $1.19, stronger than the consensus of $1.00.
Dupont de Nemours is up more than +4% after reporting Q2 net sales of $3.20 billion, better than the consensus of $3.05 billion, and raised its full-year net sales forecast to $12.40 billion-$12.50 billion from a previous estimate of $12.10 billion-$12.40 billion.
Starbucks is up more than +3% after reporting Q3 adjusted EPS of 93 cents, better than the consensus of 92 cents.
Match Group is up more than +10% after reporting Q2 revenue of $864.1 million, above the consensus of $856.6 million, and it said it plans to cut about 6% of its global staff.
Bunge Global is down more than -8% to lead losers in the S&P 500 after reporting Q2 net sales of $13.24 billion, well below the consensus of $14.19 billion.
Verisk Analytics is down more than -7% to lead losers in the Nasdaq 100 after forecasting full-year adjusted EPS of $6.30-$6.60, the midpoint below the consensus of $6.57.
Humana is down more than -7% after cutting its full-year EPS estimate to $12.81 from a prior view of $13.93 and warned of higher-than-expected inpatient hospital admissions that point toward elevated costs for the company.
Skyworks Solutions is down more than -7% after reporting Q3 adjusted EPS of $1.21, below the consensus of $1.22. forecast to $11.55-$11.65 from a previous estimate of $11.75-$12.05, below the consensus of $11.80.
Microsoft is down more than -1% to lead losers in the Dow Jones Industrials after reporting Q4 cloud revenue of $36.80 billion, weaker than the consensus of $36.84 billion.
Groupon is down more than -5% after cutting its full-year adjusted Ebitda estimate to $65 million-$80 million from a previous forecast of $80 million-$100 million, well below the consensus of $98.7 million.
Pinterest is down more than -9% after forecasting Q3 revenue of $885 million-$900 million, weaker than the consensus of $907.7 million.
Marriott International is down more than -5% after cutting its full-year adjusted EPS forecast to $9.23-$9.40 from a previous estimate of $9.31-$9.65, weaker than the consensus of $9.50.
Earnings Reports (7/31/2024)
Aflac Inc (AFL), Albemarle Corp (ALB), Allstate Corp/The (ALL), Altria Group Inc (MO), American International Group Inc (AIG), American Water Works Co Inc (AWK), ANSYS Inc (ANSS), APA Corp (APA), Automatic Data Processing Inc (ADP), AvalonBay Communities Inc (AVB), Boeing Co/The (BA), BorgWarner Inc (BWA), Bunge Global SA (BG), CDW Corp/DE (CDW), Cencora Inc (COR), CH Robinson Worldwide Inc (CHRW), Cognizant Technology Solutions (CTSH), Corteva Inc (CTVA), Dayforce Inc (DAY), DuPont de Nemours Inc (DD), eBay Inc (EBAY), Etsy Inc (ETSY), Everest Group Ltd (EG), Eversource Energy (ES), Fair Isaac Corp (FICO), FMC Corp (FMC), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), Hess Corp (HES), Host Hotels & Resorts Inc (HST), Humana Inc (HUM), IDEX Corp (IEX), Ingersoll Rand Inc (IR), Johnson Controls International (JCI), KKR & Co Inc (KKR), Kraft Heinz Co/The (KHC), Lam Research Corp (LRCX), Marriott International Inc/MD (MAR), Mastercard Inc (MA), Meta Platforms Inc (META), MetLife Inc (MET), MGM Resorts International (MGM), Mid-America Apartment Communities (MAA), Norwegian Cruise Line Holdings (NCLH), Paycom Software Inc (PAYC), PTC Inc (PTC), QUALCOMM Inc (QCOM), T-Mobile US Inc (TMUS), Trane Technologies PLC (TT), Verisk Analytics Inc (VRSK), VICI Properties Inc (VICI), Waters Corp (WAT), WEC Energy Group Inc (WEC), Western Digital Corp (WDC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies. `
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
African Agriculture Holdings Inc
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Shares of SolarEdge Technologies, Inc. fell sharply during Monday's session after the company announced a workforce reduction.
SolarEdge disclosed a decision to lay off 400 employees. The company stated that 200 of these job cuts are in Israel. The action involves reducing headcount and discretionary spending across all departments.
SolarEdge Technologies shares dipped 12.2% to $27.77 on Monday.
Here are some other stocks moving in today’s mid-day session.
Gainers
Losers
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