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SWS Daily Market Update - July 21, 2021



Overview


The markets continued their recovery from the selloff on Monday with the DOW, SPX and Nasdaq all gaining. They are now once again close to the record highs set earlier this month. Second quarter corporate earnings are coming in very strong which is encouraging investors that economic growth will continue. Gains were seen in most sectors, especially financial and industrial stocks that should benefit from continued reopening of the economy. Overall, expectations are that there will be 70% earnings growth in the second quarter. To date, Bloomberg reports that 85% of SPX companies reporting have exceeded analyst expectations. There are few other investment options given the low yields on bonds. The 10 year Treasury was slightly higher at 1.279, but still well below the highs seen in March. Although COVID infections from the Delta variant continue to climb, the fear about this affecting the economy, so prominent on Monday, seems to have evaporated.


Markets

The SP 500 is up by 0.82% to close at 4358.69. The index is down 0.36% over five days, up 2.75% over one month, up 4.44% over three months and up 33.05% over one year.

The trailing P/E is 36.60 compared with 29.34 one year ago and estimated future P/E 22.57. Dividend yield is currently 1.35 compared with 1.90 one year ago.

Leading stocks were CMG up 11.54%, IPG up 11.32%, NCLH up 10.14%, CCL up 9.44% and OXY up 7.13%.

Trailing stocks were STX down 3.38%, NFLX down 3.28%, ES down 2.51%, MKC down 2.44% and CHD down 2.04%.


The Dow Jones industrial Average is up by 0.83% to close at 34798.00. The DOW is down 0.39% over five days, up 2.73% over one month, up 1.94% over three months and up 28.85% over one year.

The trailing P/E is 26.15 compared with 23.33 year ago and an estimated future P/E of 19.80. The current dividend yield is 1.80% compared with 2.39 one year ago.

Leading stocks were CVX up 3.41%, BA up 2.48%, GS up 2.40%, AXP up 2.16% and JPM up 2.10%.

Trailing stocks were AMGN down 0.83%, AAPL down 0.51%, WMT down 0.49%, PG down 0.35%, and MMM up 0.02%.


The NASDAQ composite is up by 0.92% and closed at 14631.95. NASDAQ dropped 0.09% over five days, up 2.52% over one month, up 4.89% over 3 months and up 36.67% over one year.

Leading stocks were CEMI up 159.22%, NURO up 107.17%, AEHR up 37.50%, NSPR up 30.60% and SAVA up 29.47%.

Trailing stocks were OEG down 20.17%, STAF down 19.90%, JUPW down 15.45%, WORX down 15.32%, and NRBO down 14.86%.


The MidCap SP400 rose by 1.22% to close at 2674.30. The SP400 is up 0.67% for the past 5 days, down 0.09% for the past month, down 1.38% for the past 3 months and up 43.59% over the past year.

Leading stocks were MUR up 7.41%, CNK up 7.23% and BLDR up 7.03%.

Trailing stocks were HCSG down 12.37%, HOG down 7.19% and QLYS down 2.23%


The SmallCap SP600 rose by 1.72% to close at 1331.98. The SP600 is up 0.73% for the past 5 days, down 2.62% for the past month, up 0.05% for the past 3 months and up 54.88% over the past year.

Leading stocks were NBRWF up 26.85%, AMEH up 18.96% and ENDP up 12.65%.

Trailing stocks were SNBR down 12.88%, FIZZ down 4.64% and BMTX down 4.50%.


The CBOE VIX dropped by 9.22% and closed at 17.91. The VIX is up 9.68% over five days, up 9.74% over one month, up 2.34% over three months and down 26.36% over one year.


On the New York stock exchange 2417 stocks advanced and 874 declined, while on Nasdaq 3349 advanced and 1044 declined.

There were 113 new 52 week highs and 18 new 52 week lows on NYSE with 91 new highs and 36 new lows on NASDAQ.


The 2 year Treasury note yield is 0.210% and 10 year is 1.292%. The 10 year yield is down 0.7% over five days, down 20.1% over one month, down 25.3% three months ago, and up 70.7% one year ago.


SP500 Sector Performance % change

Energy +3.53

Financials +1.71

Materials +1.09

Industrials +1.00

Information Technology +0.98

Consumer Discretionary +0.81

Communication Services +0.73

Health Care +0.21

Consumer Staples -0.14

Real Estate -0.35

Utilities -1.10

Energy has been down 3.00% over five days, down 9.59% over one month, up 3.46% over three months and up 30.23% over one year.

Utilities has been down 0.14% over five days, up 2.18% over one month, down 3.53% over three months and up 6.90% over one year.


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