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SWS Daily Market Update - July 29, 2021


Overview

The major indices were up slightly today despite some sobering economic news.

The Commerce department reported that advance GDP estimate showed that it grew at an annual rate of 6.5%, up from 6.3% in the first quarter but much lower than the forecast 8.5%. However, the size of economy is now above its level before the pandemic. Growth has been stimulated by trillions in fiscal stimulus and consumer spending grew at an 11.8% annual rate.

Future growth is expected to be slower because of the spreading COVID infections caused by the Delta variant. There is concern that restrictions on activity will be re-imposed, which could lead to a decrease consumer spending.


Initial weekly unemployment claims dropped to 400,000 from 420,000 the previous week. The forecast was 380,000. The four week moving average is 394,500. Continuing claims rose 7,000 to 3.3 million, in line with expectations. The number receiving jobless benefits through all programs rose 500,000 to 13.2 million for the week ending July 10.


The National Association of Realtors reported that the Pending home sales index dropped 1.9% in June to 112.8. The estimate was up 0.3%. The index is also down 1.9% year on year. Pending home sales are thought to be a forward looking indicator as they become sales in the next few months​

Markets

The SP 500 rose by 0.42% to close at 4419.15. The index is up 1.18% over five days, up 2.30% over one month, up 4.93% over three months and up 36.13% over one year.

The trailing P/E is 35.46 compared with 30.59 one year ago and estimated future P/E 22.41. Dividend yield is currently 1.33 compared with 1.90 one year ago.

Leading stocks were ALGN up 8.86%, XLNX up 6.29%, YUM up 6.28%, QCOM up 6.00% and CTSH up 5.92%.

Trailing stocks were CTXS down 13.57%, PTC down 8.41%, PYPL down 6.23%, EQIX down 5.97% and BAX down 5.53%.


The Dow Jones industrial Average is up by 0.44% to close at 35084.53. The DOW is up 0.75% over five days, up 1.30% over one month, up 3.01% over three months and up 33.33% over one year.

The trailing P/E is 25.23 compared with 22.09 year ago and an estimated future P/E of 19.65. The current dividend yield is 1.80% compared with 2.51 one year ago.

Leading stocks were TRV up 1.40%, CVX up 1.37%, INTL up 1.19%, DOW up 1.18% and AXP up 1.14%.

Trailing stocks were MRK down 1.79%, AMGN down 0.73%, DIS down 0.42%, WBA down 0.15%, and MMM down 0.06%.


The NASDAQ composite is up by 0.11% and closed at 14778.26. NASDAQ is up 0.64% over five days, up 1.76% over one month, up 4.94% over 3 months and up 39.58% over one year.

Leading stocks were XBIO up 65.11%, Intec Parent Inc up 48.09%, NAOV up 26.18%, MarketWise Inc up 23.13% and PRFX up 20.14%.

Trailing stocks were BCEL down 40.19%, FWP down 30.29%, SAVA down 23.61%, ALEC down 21.08%, and QFIN down 17.43%.


The MidCap SP400 is up by 1.00% to close at 2706.43. The SP400 is up 2.14% for the past 5 days, down 0.39% for the past month, down 2.02% for the past 3 months and up 44.25% over the past year.

Leading stocks were SXC up 16.42%, THRM up 12.85% and MXL up 12.41%.

Trailing stocks were CNSL down 11.16%, VNDA down 8.70% and SBH down 8.13%


The SmallCap SP600 is up by 1.15% to close at 1344.64. The SP600 is up 2.71% for the past 5 days, down 2.83% for the past month, down 1.39% for the past 3 months and up 54.30% over the past year.

Leading stocks were SXC up 16.42%, THRM up 12.85% and MXL up 12.41%.

Trailing stocks were CNSL down 11.16%, VNDA down 8.70% and SBH down 8.18%.


The CBOE VIX is down by 3.33% and closed at 17.70. The VIX is up 0.06% over five days, up 14.34% over one month, up 0.51% over three months and down 28.51% over one year.


On the New York stock exchange 2266 stocks advanced and 1042 declined, while on Nasdaq 2370 advanced and 1941 declined.

There were 207 new 52 week highs and 24 new 52 week lows on NYSE with 165 new highs and 57 new lows on NASDAQ.


The 2 year Treasury note yield is 0.203% and 10 year is 1.276%. The 10 year yield is down 0.4% over five days, down 17.9% over one month, down 36.7% three months ago, and up 72.0% one year ago.


SP500 Sector Performance % change

Materials +1.08

Financials +1.07

Energy +0.94

Consumer Discretionary +0.85

Industrials +0.77

Consumer Staples +0.57

Information Technology +0.48

Utilities +0.20

Health Care +0.19

Real Estate -0.23

Communication Services -0.91


Materials has been up 3.07% over five days, up 1.03% over one month, down 0.2+% over three months and up 38.46% over one year.

Communication Services has been up 2.11% over five days, up 2.94% over one month, up 5.63% over three months and up 44.31% over one year.


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