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End Of An Era

DOW + 60 = 21, 891
SPX – 1 = 2470
NAS – 26 = 6348
RUT – 4 = 1425
10 Y + .01 = 2.29%
OIL + .46 = 50.17
GOLD – .30 = 1269.80
BITCOIN – Undefined % = 2910.34 USD
ETHEREUM + 4.76% = 214.43

The Dow industrials traded in record territory. Losses in the tech sector weighed on the broader market. Despite the dip on the day, the S&P is within 1 percentage point off its own record, while the Nasdaq is 1.5% from its own.

For the month, the Dow is up 2.5%, while the S&P is up 1.9% and the Nasdaq has risen 3.4%. July was the second-best month of the year for both the Dow and the S&P. Both posted their fourth straight monthly gain. The DOW, S&P and Nasdaq recorded their eighth monthly increase of the past nine months.

The tech sector has not fallen off a cliff. The Dow hit 21,000 on March 1, and 22,000 is now just a chip shot away. The Dow hit 19,000 back in November.

We made it through some big earnings reports and some investors took profits or shuffled the lineup. Moving forward, good earnings will continue to be rewarded and bad earnings will be punished. S &P 500 earnings are expected on average to have grown 10.8 percent in the second quarter.

Tomorrow, Apple (AAPL) reports after the closing bell.

For the month, oil rallied 8.9%, its biggest monthly gain of the year. On a most-active basis, gold saw a roughly 2.5% gain in July. Silver rose around 1.3% in July. The Dollar Index lost almost 3% for the month of July, and posted its fifth straight monthly decline.

In the latest economic data, the Chicago purchasing managers index fell to 58.9 in July from 65.7 in the previous month. Separately, pending-home sales rose 1.5% in June, snapping a three-month streak of declines. The housing market remained constrained by a shortage of properties available for sale. The June increase in pending sales suggests that existing home sales will likely increase soon, but the June increase for the index undid only a portion of the decline reported over the prior few months.

Loan officers at US banks reported tightening lending standards on commercial real estate loans while terms for business loans remained largely unchanged. According to the Federal Reserve’s quarterly survey, demand was weaker for commercial real estate and business loans in the second quarter. Some banks also reported a tightening in auto and credit card loan standards, with demand also weakening in that category.

Life moves pretty fast. If you don’t stop and look around occasionally, you could miss it. Today’s case in point, The Mooch is gone. Anthony Scaramucci has resigned as White House Communications Director, just 10 days after accepting the position.

During the Mooch...