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SWS Daily Market Update - July 9, 2021


Overview

Stocks jumped back sharply Friday after Thursday’s drop and the week ended with the SPX, Dow and Nasdaq all up, making it the third week in a row of increases. This continues the pattern of the market quickly buying on any dip and driving it further up to record highs. Confidence in the economy continues to support the prices that are extremely high by historical standards. Second quarter earnings start this week and should provide some insight as to ongoing growth will support the valuations. Worries about the delta COVID variant and inflation risks seem to have subsided for the moment. The yield on the 10 year Treasury note was down to 1.287% on Thursday, the lowest value since February, before increasing slightly on Friday to 1.354%.


Economy

Wholesale sales increased 0.8% for May compared with April and up 1.8% from May 2020. The increase from March to April was revised up to 1.1%.

Wholesale inventories were 1.3% higher in May than April and 8.2% higher year over year. The increase was both in durables (1.2%) (especially lumber up 7.6%, metals up 2.4% and furniture up 2.5%) and nondurables (1.5%) (with drugs up 2.3%).


Markets

The SP 500 is up by 1.13% to close at 4336.55. The index is up 0.40% over five days, up 2.87% over one month, up 5.83% over three months and up 37.19% over one year.

The trailing P/E is 37.48 compared with 27.38 one year ago and estimated future P/E 22.65. Dividend yield is currently 1.35 compared with 1.97 one year ago.

Leading stocks were BIIB up 3.86%, BLL up 2.98%, COG up 2.29%, BA up 2.15% and MKTX up 1.99%.

Trailing stocks were BIIB down 2.95%, DXCM down 1.40%, RMD down 1.22%, BAX down 1.11% and EQIX down 0.95%.


The Dow Jones industrial Average is up by 0.75% to close at 34870.16. The DOW is up 0.24% over five days, down 1.13% over one month, up 3.16% over three months and up 33.73% over one year.

The trailing P/E is 28.58 compared with 21.85 year ago and an estimated future P/E of 20.16. The current dividend yield is 1.82% compared with 2.53 one year ago.

Leading stocks were GS up 3.57%, TRV up 3.24%, JPM up 3.20%, DOW up 2.72% and AXP up 2.65%.

Trailing stocks were CRM down 0.30%, MRK down 0.17%, PG up 0.04%, MSFT up 0.19%, and NKE up 0.23%.


The NASDAQ composite is up by 0.98% and closed at 14701.92. NASDAQ has been up 0.43% over five days, up 4.50% over one month, up 5.77% over 3 months and up 38.47% over one year.

Leading stocks were SGOC up 279.46%, STMP up 63.98%, TPST up 49.38%, TBLT up 45.75% and UTSI up 29.80%.

Trailing stocks were NVFY down 27.38%, SIGI down 25.32%, MMAT down 17.39%, BON down 17.08%, and LMFA down 16.99%.


The MidCap SP400 is up by 2.19% to close at 2706.42. The SP400 is down 0.12% for the past 5 days, down 1.66% for the past month, up 1.34% for the past 3 months and up 52.65% over the past year.

Leading stocks were X up 8.44%, CLF up 7.74% and FLR up 7.63%.

Trailing stocks were PGNY down 2.01%, HELE down 1.49% and LHCG down 1.44%


The SmallCap SP600 is up by 2.66% to close at 1359.58. The SP600 is down 0.74% for the past 5 days, down 2.63% for the past month, up 1.87% for the past 3 months and up 66.34% over the past year.

Leading stocks were STMP up 63.98%, PBI up 14.86% and CHS up 12.97%.

Trailing stocks were SGH down 4.35%, LNTH down 3.25% and NBRWF down 3.03%.


The CBOE VIX is up by 14.84% and closed at 16.18. The VIX is up 7.37% over five days, up 3.39% over one month, down 3.06% over three months and down 40.71% over one year.


On the New York stock exchange 2598 stocks advanced and 724 declined, while on Nasdaq 3344 advanced and 1007 declined.

There were 152 new 52 week highs and 10 new 52 week lows on NYSE with 99 new highs and 33 new lows on NASDAQ.


The 2 year Treasury note yield is 0.217% and 10 year is 1.360%. The 10 year yield was down 7.7% over five days, down 9.3% over one month, down 30.0% three months ago, and up 71.5% one year ago.


SP500 Sector Performance % change

Financials +2.87

Energy +2.01

Materials +2.01

Industrials +1.62

Real Estate +1.32

Information Technology + 0.95

Communication Services +0.81

Consumer Discretionary +0.79

Consumer Staples +0.58

Health Care +0.36

Utilities +0.16


Financials has been down 0.63% over five days, down 1.99% over one month, up 4.51% over three months and up 56.47% over one year.

Utilities has been up 0.94% over five days, down 1.63% over one month, down 0.29% over three months and up 11.88% over one year.

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