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SWS Daily Report - July 6, 2021


Overview

Stocks were mixed on Tuesday with the SPX and Dow dropping from their records last week, while Nasdaq was up 0.2%. Investors may have taken some profits from the strong performance last week. With the current high valuations, additional news such as second quarter corporate earning, or the passage of more fiscal stimulus, may be required to stimulate another jump in stock prices. Technology stocks dropped as did energy after the fall in oil prices. The 10 year Treasury bill also dropped to 1.369 from 1.434%.


Economic

The ISM services index report for June dropped to 60.1 from a level of 64.0 in May, which was an all time high. The consensus expectation was 63.5. New orders dropped to 62.1 while backlog orders jumped to 65.8. Prices remained high at 79.5 as a result of supply chain constraints, which also affected deliveries at 68.5 (for deliveries, a reading above 50 indicates a slowdown).

The Markit Service PMI was similar with a value of 64.6 in June, down from 70.4 in May. This is still the third highest value recorded, after April and May of this year. Increases were seen in new business and new exports while input costs rose sharply. Growth was fastest in health care with strong performance also in technology , financial and consumer service companies.


Markets

The SP 500 is down by 0.20% to close at 4343.54. The index is up 1.23% over five days, up 2.77% over one month, up 6.51% over three months and up 36.60% 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 AMZN up 4.69%, GNRC up 3.41%, ABMD up 3.06%, ANET up 2.55% and EXR up 2.39%.

Trailing stocks were FANG down 7.03%, HAL down 6.52%, OXY down 6.35%, NOV down 6.31% and SLB down 4.94%.


The Dow Jones industrial Average dropped 0.60% to close at 34577.37. The DOW is up 0.86% over five days, down 0.15% over one month, up 3.13% over three months and up 31.54% over one year.

The trailing P/E is 29.42 compared with 21.95 year ago and an estimated future P/E of 20.16. The current dividend yield is 1.80% compared with 2.55 one year ago.

Leading stocks were AAPL up 1.47%, CRM up 0.83%, AXP up 0.63%, V up 0.41% and NKE up 0.23%.

Trailing stocks were DOW down 2.49%, AMGN down 2.03%, CVX down 1.96%, CAT down 1.95%, and DIS down 1.93%.


The NASDAQ composite is up 0.17% and closed at 14663.64. NASDAQ has been up 1.13% over five days, up 5.63% over one month, up 6.99% over 3 months and up 40.54% over one year.

Leading stocks were BSQR up 77.14%, PBTS up 69.44%, OSAT up 54.41%, PFSW up 42.67% and XELA up 42.55%.

Trailing stocks were CPOP down 40.94%, Prevention Bio Inc down 26.39%, WHLR down 19.61%, ASTR down 19.39%, and DOYU down 16.42%.


The MidCap SP400 dropped by 1.10% to close at 2679.90. The SP400 is down 0.74% for the past 5 days, down 1.70% for the past month, up 0.56% for the past 3 months and up 49.10% over the past year.

Leading stocks were AMG up 6.96%, QLYS up 4.425% and KNX up 3.91%.

Trailing stocks were X down 6.68%, LPX down 6.61% and MAC down 5.99%


The SmallCap SP600 dropped by 1.46% to close at 1349.71. The SP600 is down 1.83% for the past 5 days, down 3.42% for the past month, up 0.27% for the past 3 months and up 62.25% over the past year.

Leading stocks were KRA up 14.91%, AMEH up 11.74% and SHEN up 7.60%.

Trailing stocks were PVAC down 11.60%, SLCA down 8.92% and PTEN down 8.48%.


The CBOE VIX is up 9.09% and closed at 16.44. The VIX is down 4.31% over five days, up 0.12% over one month, down 8.21% over three months and down 41.16% over one year.


On the New York stock exchange 1178 stocks advanced and 2150 declined, while on Nasdaq 1368 advanced and 3019 declined.

There were 186 new 52 week highs and 27 new 52 week lows on NYSE with 126 new highs and 75 new lows on NASDAQ.


The 2 year Treasury note yield is 0.220% and 10 year is 1.352%. The 10 year yield was down 12.1% over five days, down 19.2% over one month, down 30.7% three months ago, and up 70.5% one year ago.


SP500 Sector Performance % change

Real Estate +0.85

Consumer Discretionary +0.75

Utilities +0.44

Information Technology +0.37

Communication Services -0.09

Health Care -0.09

Consumer Staples -0.41

Industrials -0.93

Materials -1.44

Financials -1.55

Energy -3.20

Real Estate has been up 0.77% over five days, up 0.49% over one month, up 11.76% over three months and up 27.31% over one year.

Energy has been down 0.95% over five days, down 3.37% over one month, up 8.02% over three months and up 40.69% over one year.


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