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SWS Daily Report - June 22, 2021

Updated: Jun 23



Overview

The stock market was up again today after the chair of the Federal Reserve emphasized his opinion that inflation will remain transient and not adversely affect economic growth. Given the conflicting comments by different members of the Fed over the past week, he seemed to want to emphasize a positive outlook. These comments were echoed today by the president of the New York Fed.

The Nasdaq composite reached an all time high with the largest gains coming in technology stocks. The only SP sectors that did not rise were real estate and utilities.

The yield on the 10 year Treasury note dropped 3 basis points to 1.471% and the dollar also fell slightly in response to the moves in the stock market.

Economy

Existing home sales in the US fell by 0.9% in May to an annual rate of 5.80 million units, compared with an estimated 5.68 million. This was the fourth straight month of declines. Sales were up 44.6% year over year, although this figured is magnified by the COVID related drop in May of 2020. The median price reached a record high of 350.000, up 23.6% from last year. The price increase is thought to be caused by a lack of supply. The typical house on the market in May was sold in 17 days, matching the record low in April of this year. At the present sales pace, the inventory would be exhausted in 2.5 months, compared to a 6.5month supply that is regarded as a good balance between supply and demand.

New home sales will be released on June 23. The consensus estimate is 872,000 with the value last month 863,000​


Markets

The SP 500 rose by 0.51% to close at 4246.44. The index has been down 0.00% over five days, up 1.39% over one month, up 8.59% over three months and up 35.61% 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 LB up 5.02%, ETSY up 4.21%, CTAS up 3.23%, TWTR up 2.94% and TSCO up 2.89%.

Trailing stocks were IRM down 3.53%, EVRG down 2.87%, KIM down 2.19%, CCL down 2.13% and RCL down 1.99%.


The Dow Jones industrial Average was up 0.20% to close at 33945.58. The DOW is down 1.03% over five days, down 1.07% over one month, up 4.70% over three months and up 29.78% over one year.

The trailing P/E is 28.94 compared with 22.09 year ago and an estimated future P/E of 19.62. The current dividend yield is 1.85% compared with 2.51 one year ago.

Leading stocks were NKE up 1.85%, HD up 1.66%, APPL up 1.27%, MSFT up 1.10% and V up 0.69%.

Trailing stocks were MRK down 0.73%, BA down 0.61%, CRM down 0.56%, WBA down 0.31% and DIS down 0.27%.


The NASDAQ composite is up 0.79% and closed at 14253.27. NASDAQ has been up 1.28% over five days, up 4.36% over one month, up 7.75% over 3 months and up 40.68% over one year.

Leading stocks were ALF up 108.85%, ICBK up 47.29%, IDRA up 41.07%, SSNT up 24.26% and XAIR up 20.98%.

Trailing stocks were TRCH down 29.44%, PRTG down 14.58%, RXDX down 14.12%, SAVA down 13.48% and VSTM down 11.75%.


The MidCap SP400 rose by 0.09% to close at 2674.31. The SP400 has been down 1.83% for the past 5 days, down 0.33% for the past month, up 5.67% for the past 3 months and up 49.20% over the past year.

Leading stocks were SAFM up 10.33%, RAMP up 5.53% and JWN up 4.71%.

Trailing stocks were STRA down 4.93%, SR down 4.67% and PGNY down 4.03%

The SmallCap SP600 was up 0.48% to close at 1367.38. The SP600 has dropped 1.66% for the past 5 days, up 2.49% for the past month, up 6.06% for the past 3 months and up 65.12% over the past year.

Leading stocks were DDD up 27.67%, SBH up 13.58% and TUP up 10.03%.

Trailing stocks were ENDP down 7.02%, SPPI down 5.98% and GEO down 5.50%.


The CBOE VIX dropped 6.88% and closed at 16.66. The VIX is down 2.12% over five days, down 11.57% over one month, down 17.93% over three months and down 46.89% over one year.


On the New York stock exchange 1774 stocks advanced and 1503 declined, while on Nasdaq 2214 advanced and 2043 declined.

There were 141 new 52 week highs and 18 new 52 week lows on NYSE with 124 new highs and 53 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

Consumer Discretionary +1.04

Information Technology + 0.89

Communication Services + 0.76

Energy + 0.67

Materials + 0.34

Health Care + 0.21

Consumer Staples + 0.18

Industrials + 0.13

Financials + 0.10

Real Estate - 0.44

Utilities - 0.68


Consumer Discretionary has been up 1.88% over five days, up 3.03% over one month, up 6.21% over three months and up 32.70% over one year.

Utilities has been down 2.95% over five days, down 1.40% over one month, up 2.30% over three months and up 12.40% over one year.


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