https://www.howestreet.com/2024/08/us-industrial-production-drop-a-concern-mark-leibovit/
US officials warned Iran of serious consequences if it carries out an attack it has threatened to launch against Israel. The message was given directly to Iran as well as through intermediaries. The official said, “The United States has sent clear messaging to Iran that the risk of a major escalation if they do a significant retaliatory attack against Israel is extremely high.” They added, “There is a serious risk of consequences for Iran’s economy and the stability of its newly elected government if it goes down that path.”
Stocks moved sharply higher during trading on Thursday, with the major averages more than offsetting the downturn seen over
the course of the previous session. The major averages surged early in the session and saw further upside as the day
progressed.
Some liberal Jewish entertainment figures are now feeling that they are not welcome in the Democratic party, after Vice President Kamala Harris chose Minnesota Governor Tim Walz to be her running mate in the upcoming presidential elections while rejecting a prominent Jewish governor widely considered for the position, a senior editor wrote Tuesday. “Across Hollywood and beyond, liberal Jewish Americans today feel a sense of unease,” wrote Hollywood Reporter senior awards editor Steven Zeitchik in his paper. “I don’t claim to speak for anyone but myself. But my thoughts seem to be echoed among the solidly liberal Jewish American producers, agents and executives I’ve talked to — namely, that even if the pick was the result of electoral calculations, those calculations come with baked-in antisemitic assumptions about the electorate.”
Virginia Gov. Youngkin Orders Removal Of ‘Noncitizens’ From Voter Rolls, Establishes Prosecution Procedures
Pullback By Jobless Claims Contributes To Rally On Wall Street
The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq
soared 464.22 points or 2.9 percent to 16,660.02, the Nasdaq spiked 119.81 points or 2.3 percent to 5,319.31 and the Dow
jumped 683.04 points or 1.8 percent to 39,446.49.
The rally on Wall Street came after the Labor Department released a report showing first-time claims for U.S. unemployment
benefits pulled back by more than expected in the week ended August 3rd.
The report said initial jobless claims fell to 233,000, a decrease of 17,000 from the previous week’s revised level of to
250,000.
Economists had expected jobless claims to edge down to 240,000 from the 249,000 originally reported for the previous week.
The bigger than expected decline came a week after jobless claims reached their highest level since hitting 258,000 in the
week ended August 5, 2023.
The data helped ease concerns about the strength of the labor market, which have contributed to recent selling on Wall
Street.
“Initial jobless claims are taking center stage as economists and investors seek guidance from real-time indicators on the
economy’s health,” Nationwide Financial Markets Economist Oren Klachkin.
“To us, the data suggest we’re on track for a cooldown – not a recession,” he added. “However, risks are tilted to the
downside and the Fed should be vigilant for non-linearities as it maintains a restrictive policy stance.”
Among individual stocks, athletic apparel company Under Armour (UAA) skyrocketed by 19.2 percent after reporting an
unexpected fiscal third quarter profit.
Eli Lilly (LLY) also moved sharply higher after the drug maker reported better than expected second quarter results and
raised its full-year revenue guidance.
On the other hand, shares of Warner Bros. Discovery (WBD) slumped after the company reported disappointing second quarter
results and announced a $9.1 billion write down tied to its TV networks.
Sector News
Networking stocks turned in some of the market’s best performances on the day, resulting in an 8.4 percent spike by the
NYSE Arca Networking Index.
Substantial strength was also visible among semiconductor stocks, as reflected by the 6.9 percent surge by the Philadelphia
Semiconductor Index.
Shares of Lattice Semiconductor (LSCC) soared by 13.3 percent after Raymond James upgraded its rating on the company’s
stock to Outperform from Market Perform.
Pharmaceutical stocks also saw considerable strength on the upbeat results from Eli Lilly, with the NYSE Arca
Pharmaceutical Index jumping by 3.6 percent.
Airline, computer hardware and biotechnology stocks also moved notably higher, while telecom stocks were among the few
groups that bucked the upward trend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan’s
Nikkei 225 Index slid by 0.7 percent, while South Korea’s Kospi fell by 0.5 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index climbed by 0.4
percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index both fell by 0.3 percent.
In the bond market, treasuries extended their recent pullback in reaction to the initial jobless claims data. As a result,
the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.9 basis points to 3.997 percent.
Looking Ahead
Amid a quiet day on the U.S. economic front, trading on Friday may be impacted by reaction to the latest corporate earnings
news.
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Yes, that’s a cartoon of me. Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week. I’ve dated myself. That occurred for me between 1988-1996. Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.
WHO am I?
MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.
Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.
In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.
He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.
Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.
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I’ve warned that another Bull Trap in progress!
DANGER DANGER WILL ROBINSON
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
https://www.usgs.gov/faqs/how-many-active-volcanoes-are-there-earth
WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s. The film producer of the film (an old friend) makes a cameo appearance in the film.
https://www.disclose.tv/roswel
Why am I highlighting the Michael Savage book? Unfortunately, it tells the story of the mental illness of the Democratic party and followers of their insane beliefs of our society, our laws and communist underpinnings.
I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT’S TIME TO EAT
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