Schaeffer's Top Stock Picks for '25

Retail Sales Keep Tailwinds Blowing on Wall Street

The import price index for June also beat expectations

Digital Content Manager
Jul 16, 2024 at 9:10 AM
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Wall Street is unpacking bank earnings this morning, with Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures sporting premarket gains. Lower gas prices impacted retail sales data and the import price index for June, both of which were flat but beat expectations of a decline, with the former also seeing impact from a cyber attack on auto retailers. 

Continue reading for more on today's market, including: 

  • Senior V.P. of Research Todd Salamone on why short-term sideways trading could be ahead.
  • Tesla stock's bull run a boon for call traders.
  • Plus, unpacking the latest bank earnings, and Reddit stock downgraded.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and 1 million put contracts traded on Monday. The single-session equity put/call dropped to 0.52, while the 21-day moving average slipped to 0.66.
  2. Bank of America Corp (NYSE:BAC) today reported better-than-expected earnings and revenue for its second quarter. BAC is up 2% in premarket trading, and sports a 24.4% year-to-date lead.
  3. Despite strong trading and investment banking performance in the second quarter, as well as revenue and earnings winMorgan Stanley (NYSE:MS) stock is down 3% before the bell. The shares are looking to trim their 22.7% year-over-year gain.
  4. Loop Capital downgraded Reddit Inc (NYSE:RDDT) stock to "hold" from "buy," with the analyst in coverage noting risks outweigh its upside potential. RDDT is down 3.1% ahead of the open, but has added more than 82% in the past three months.  
  5. Earnings season and economic data to monitor the rest of the week.

buzzjul16

Asian Markets Mixed on Dovish Stateside Remarks

Asian markets were mixed Tuesday, as investors eyed dovish commentary from U.S. Federal Reserve Chairman Jerome Powell and developments from China’s Third Plenum. Japan’s Nikkei came back from holiday with a 0.2% win, China’s Shanghai Composite rose 0.08%, and the South Korean Kospi added 0.2%. Hong Kong’s Hang Seng, the only loser, shed 1.6% on the day.

European bourses are lower at last glance. London’s FTSE 100 is down 0.5%, while the French CAC 40 and German DAX drop 0.8% and 0.6%, respectively.

 
 

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