|Bid||250.72 x 3000|
|Ask||250.72 x 800|
|Day's Range||249.90 - 250.92|
|52 Week Range||214.63 - 265.93|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.15%|
The US Services PMI improved marginally in June compared to May, according to data provided by Markit Economics. June’s US Services PMI Index stood at 56.5 compared to 56.8 in May 2018. It meets the preliminary market estimate of 56.5.
The Goldman Sachs Group Inc. (NYSE: GS) had full-year 2017 revenues of $32 billion and pre-tax earnings of $11.13 billion. The company ended the year with $1.49 trillion in assets under management (AUM) with net inflows of $42 billion. This revelation put fellow co-president David Solomon on the path of becoming the next CEO of the financial powerhouse. On July 15, 2018, the New York Times reported that Goldman Sachs is expected to name David Solomon as its next CEO early that same week.
With an end-of-year target level of 2,850 for the S&P 500, Goldman does not see much upside left for the latter half of the year. In the sphere of U.S. politics, worries over senior staff turnover, the possibility of Democrats re-taking the House, and the ongoing Special Counsel investigation have all raised policy uncertainty.
The US non-farm payroll figure for June improved at a marginally slower rate than in May. In June, 213,000 jobs were added compared to 244,000 in May. The data for June, however, beat the market expectation of 195,000 job additions. The broader market S&P 500 Index (SPY), the Dow Jones Industrial Average Index (DIA), and the NASDAQ Composite Index (QQQ) rose 0.85%, 0.41%, and 1.34%, respectively, on Friday, July 6, after the announcement of the non-farm payroll report. The US unemployment rate threw a surprise for June as it grew to 4.0% from 3.8% a month earlier.
Semiconductor ETFs were among the worst performing Wednesday, cutting short a rebound. SPDR S&P Semiconductor, iShares PHLX Semiconductor and VanEck Vectors Semiconductor fell more than 2% Wednesday afternoon, poised to break four-day win streaks.
The PowerShares DB US Dollar Index Bullish ETF (UUP), which provides exposure to the dollar’s futures contracts, has risen 3.3% year-to-date (or YTD) and 6.5% since late March. The recent run to safe-haven assets following the tariff announcements, in concert with the Fed’s hawkish tone, has supported the US dollar. The ECB’s (European Central Bank) tone was more dovish than expected in its last meeting, which supports the monetary policy divergence theory and favors the US dollar. While the rally in the US dollar might have dominated the foreign exchange markets for the last few months, that could be about to change.
Among the business and labor groups who have weighed in on President Donald Trump’s Supreme Court nomination, response has been predictably divided. The chairman of the National Association of Home Builders, Randy Noel, also gave his group’s support, saying in a statement that Kavanaugh “has been recognized for his sharp legal mind and as a stalwart defender of our Constitution.” Noel urged the Senate to confirm Kavanaugh without delay. A spokeswoman said the U.S. Chamber of Commerce congratulates Kavanaugh and looks “forward to reviewing his record on legal issues important to the business community.” Several other industry groups declined to comment on the nomination.
The good times for U.S. equities may be about to stop rolling. After outperforming much of the rest of global markets over the past decade and continually hitting new record highs, U.S. stocks are likely to become the international laggards over the coming decade, as per the opinions of strategists at Morningstar Investment Management Europe. In the words of Dan Kemp, Morningstar’s chief investment officer for Europe, the Middle East and Africa, “Our expectations at the moment is that you won’t have any real return from U.S. equities over the next 10 years,” according to Marketwatch.
With the U.S. economic expansion in the late stages of a very long cycle, the Fed appears to be determined to continue to normalize its policy stance back to pre-crisis 2008 levels. This raises the question of how to define 'normal' or 'neutral' policy.
President Donald Trump has said he will announce his latest nomination for the Supreme Court Monday, and his decision could have a lasting impact on U.S. law for a generation. Oddsmakers say D.C. Circuit Court of Appeals Judge Brett Kavanaugh is the frontrunner. Sources close to Trump have said he has strongly indicated his preference for Kavanaugh.
This week, DataTrek Research co-founder Nicholas Colas raised some eyebrows with a note discussing his outlook for the second half of 2018. The following three phenomena are the primary concerns for corporate managers in determining how much money they spend and how many employees they hire — or fire — between now and the end of the year, Colas said. 1. The second phenomenon that Colas said could trigger recession fears is the fact that the U.S. economy is firing on all cylinders, and spending and earnings growth potentially have nowhere to go but down.
David Einhorn's hedge fund has reportedly lost more than half of its value over four years, shrinking to just $5.5 billion in assets under management (AUM) from a reported $12 billion in 2014. Over the three-year-period from the end of 2014 to the end of 2017, the value of an investment in Einhorn's main fund fell 11.3%, compared to the S&P 500's 38.3% growth and the average stock-focused hedge fund's 18.3% return, according to hedge fund tracker HFR, and as reported by the WSJ.
A total of 177K private-sector jobs for the month of June was below the 185K consensus estimate, but the upward revision to May's numbers more than made up the difference.
Barry Star, CEO and founder of financial service company Wall Street Horizon, dubs these changes "corporate body language," and argues that they can give off signals about a company's health. Data show firms that advance their earnings announcement dates outperform firms that delay by an average of 2.6 percentage points in the month after the revision, according to a 2016 study by Travis Johnson from the University of Texas at Austin and Eric So from the MIT Sloan School of Management.
In the 1970s and 1980s, TV ads for brokerage firm E.F. Hutton had the tagline, "When E.F. Hutton talks, people listen." The same slogan could describe Byron Wien, a respected market guru associated with The Blackstone Group since 2005. Before that, he spent 21 years as an investment strategist at Morgan Stanley, during which time he also co-authored a book with legendary hedge fund manager George Soros. Wien believes that the S&P 500 Index (SPX) can reach the 3,000 mark after the midterm elections in November, representing a gain of roughly 10% from the July 2 close and over 12% from the start of 2018, but cautions that it may be a bumpy ride.
Factor Trading founder Peter Brandt joined PreMarket Prep last week to share some words of wisdom about how traders can minimize risk in unpredictable markets. Brandt said he's looking forward to trading ...
Stocks opened this morning with yet another down gap. These weekend rollovers are becoming commonplace and reflective of a weak market. Perhaps it’s trade war jitters continuing to sour market sentiment. Or, maybe it’s simply a function of the calendar. Summertime trading is upon us, and the indexes are now directionless.
Just two years ago, Forbes' Kurt Badenhausen reported James' net worth at $275 million, ranking No. 39 on the list of the 40 wealthiest entrepreneurs under the age of 40. James began his professional career at age 18, when he was selected by the Cleveland Cavaliers with the No. 1 pick in the 2003 NBA draft.
In this series, we’ll look at the top five LNG carrier stocks on a year-to-date basis. On June 26, Dynagas LNG Partners (DLNG) and Golar LNG (GMLP) Partners gave YTD (year-to-date) returns of -23.9% and -31.8%, respectively. These two stocks didn’t make it into the top five in our survey.
Looking at technical indicators, the relative strength index (RSI) appears neutral at 45.23, but the moving average convergence divergence (MACD) experienced a bearish crossover earlier this month, suggesting further downside ahead. Looking at technical indicators, the RSI appears relatively neutral with a reading of 40.35, but the MACD experienced a bearish crossover earlier this month, suggesting further downside ahead.