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SWS Daily Report - June 21, 2021


Overview

The stock market rebounded today with the biggest rally in 5 weeks. All major indices rose as did all 11 of the Standard and Poor sectors. Bank stocks and energy stocks did particularly well, in part because of a 2% rise in the price of crude oil. After reflecting over the weekend, investors seemed to think that the Federal Reserve is likely to pursue a gradual rather than more hawkish tightening of its policy. The president of the New York Federal Reserve said that the spike in inflation was mainly because of temporary effects related to the rapid reopening of the economy and that inflation is expected to drop from 3% this year, down to a level of 2% in 2022 and 2023. However, the president of the Dallas Fed suggested that the housing market may not require ongoing support in the form of purchases of mortgage-backed securities and tapering of this should start sooner rather than later. The stock market is likely to remain volatile as investors watch very closely for any changes in the rate of economic growth or in interest rates. Government bond prices fell slightly with the yield on 10 year Treasury notes 1.481% from 1.449%. The dollar index also dropped.

Economy

There were no major economic releases today.

Existing home sales for May will be released June 22. The estimate is 5.68 million and the value last month was 5.85 million.



Markets

The SP 500 rose by 1.40% to close at 4224.79. The index has been down 0.71% over five days, up 0.66% over one month, up 7.21% over three months and up 35.50% over one year.

The trailing P/E is 37.23 compared with 27.38 one year ago and estimated future P/E 22.18. Dividend yield is currently 1.38 compared with 1.97 one year ago.

Leading stocks were APA up 7.31%, EOG up 7.10%, MRO up 7.08%, HES up 7.04% and DVN up 7.03%.

Trailing stocks were XLNXL down 3.33%, AMD down 2.43%, OGN down 1.97%, BIIB down 1.94% and ENPH down 1.67%.


The Dow Jones industrial Average was up 1.76% to close at 33876.97. The DOW is down 1.50% over five days, down 1.50% over one month, up 3.50% over three months and up 30.17% over one year.

The trailing P/E is 28.38 compared with 21.85 year ago and an estimated future P/E of 19.62. The current dividend yield is 1.88% compared with 2.50 one year ago.

Leading stocks were AXP up 4.26%, BA up 3.34%, CVX up 2.94%, TRV up 2.69% and GS up 2.50%.

Trailing stocks were MRK up 0.18%, INTC up 0.36%, AMGN up 0.65%, CRM up 0.70% and PG up 0.79%.


The NASDAQ composite is up 0.79% and closed at 14141.48. NASDAQ has been down 0.23% over five days, up 3.52% over one month, up 5.71% over 3 months and up 40.62% over one year.

Leading stocks were TRCH up 58.21%, RAVN up 49.27%, MOXC up 46.82%, AEI up 26.64% and USEG up 21.05%.

Trailing stocks were CCNC down 20.66%, GBOX down 18.96%, BPTS down 17.41%, NTEC down 16.94% and TARS down 16.69%.


The MidCap SP400 rose by 2.29% to close at 2671.85. The SP400 has been down 2.00% for the past 5 days, down 1.13% for the past month, up 2.81% for the past 3 months and up 49.24% over the past year.

Leading stocks were MUR up 8.11%, SAFM up 6.96% and HWC up 6.13%.

Trailing stocks were RUN down 4.86%, CNXC down 2.69% and SEDG down 2.13%


The SmallCap SP600 was up 2.27% to close at 1360.88. The SP600 has dropped 1.91% for the past 5 days, up 0.83% for the past month, up 1.88% for the past 3 months and up 64.93% over the past year.

Leading stocks were LDL up 85.40%, RAVN up 49.27% and LPI up 14.35%.

Trailing stocks were MSTR down 9.71%, GME down 6.29% and MTRX down 4.36%.


The CBOE VIX dropped 13.57% and closed at 17.89. The VIX is up 9.15% over five days, down 2.77% over one month, down 5.24% over three months and down 43.69% over one year.


On the New York stock exchange 2462 stocks advanced and 852 declined, while on Nasdaq 2544 advanced and 1758 declined.


There were 109 new 52 week highs and 26 new 52 week lows on NYSE with 103 new highs and 55 new lows on NASDAQ.


The 2 year Treasury note yield is 0.246% and 10 year is 1.497%. The 10 year yield was down 0.1% over five days, down 10.6% over one month, down 20.0% three months ago, and up 79.1% one year ago.


SP500 Sector Performance % change

Energy + 4.29

Financials + 2.35

Industrials +2.18

Materials +2.07

Real Estate +1.92

Utilities +1.37

Health Care + 1.29

Consumer Staples +1.10

Information Technology +1.07

Communication Services +0.90

Consumer Discretionary +0.53


Energy has been down 0.76% over five days, up 3.80% over one month, up 11.56% over three months and up 37.04% over one year.


Consumer Discretionary has been up 0.35% over five days, up 2.30% over one month, up 4.36% over three months and up 32.70% over one year.


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