https://www.howestreet.com/2024/07/a-bumpy-day-for-the-major-stock-markets-mark-leibovit/
Stocks Close On Firm Note; Dow, S&P Hit Fresh Closing Highs
U.S. stocks closed on a firm note on Monday with two of the three major indices moving on to record fresh highs, thanks to
strong buying at several counters from across various sectors.
Optimism about interest rate cuts by the Fed, and rising prospects of former President Donald Trump winning the upcoming
presidential elections rendered the mood positive on Wall Street.
The Dow ended up 210.82 points or 0.53 percent at 40,211.72 after scaling a new high at 40,351.10. The S&P 500, which
climbed to a new high of 5,666.94, settled at 5,631.22, gaining 15.87 points or 0.28 percent, while the Nasdaq ended with a
gain of 74.12 points or 0.4 percent at 18,472.57, after hitting a high of 18,641.53.
Caterpillar climbed more than 3 percent. Goldman Sachs gained about 2.6 percent on strong second quarter results.
JP Morgan Chase and American Express gained 2.5 percent, and 2.25 percent, respectively. Apple Inc, Visa, Chevron,
Travelers Companies, Walmart and UnitedHealth Group also closed on firm note.
Netflix, Adobe Inc, Costco Wholesale Corp, Qualcomm, Tesla, Automatic Data Processing and Marriott International closed
with strong gains.
Nike ended down nearly 3 percent. Boeing, Verizon Communications, 3M Co, Procter & Gamble, McDonald’s Corp and Amazon lost
0.9 to 2 percent.
Trump Media & Technology shares zoomed nearly 32 percent amid huge volumes, following Trump’s fortunate escape from the
assassination attempt in Pennsylvania on Saturday.
In economic news, a report released by the Federal Reserve Bank of New York showed regional manufacturing activity
contracted at a slightly faster rate in the month of July.
The New York Fed said its general business conditions index edged down to a negative 6.6 in July from a negative 6.0 in
June, with a negative reading indicating contraction. Economists had expected the index to come in unchanged.
Fed Chair Jerome Powell, who spoke at the Economic Club of Washington D.C. today, said that the central bank will not wait
until inflation hits 2% to cut interest rates.
Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t
wait for its target to be hit.
“The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long,
because the tightening that you’re doing, or the level of tightness that you have, is still having effects which will
probably drive inflation below 2%,” Powell said.
In overseas trading, Asian stocks ended mixed on Monday as Chinese GDP data disappointed and the dollar firmed up on bets
that Donald Trump will win the upcoming presidential election after an assassination attempt on Saturday.
The major European markets closed lower, weighed down by some disappointing economic data from China, and none too
encouraging corporate earnings updates.
DANGER DANGER WILL ROBINSON
WHO HAS BEEN PREDICTING A BLACK SWAN TYPE EVENT?
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
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.
His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.
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
MOVING CLOSER TO WORLD WAR III AS NATO EMBRACES UKRAINE
PUTIN’S POSITION WAS FOR UKRAINE NOT TO JOIN NATO TO AVOID CONFLICT BUT IT WAS IGNORED. THE NEOCONS IN THE WEST WANT WAR.
DOES THE STOCK MARKET WANT WAR TOO!
CHECK THIS OUT! A PROBABLE REASON DISNEY STOCK MAY STILL GO LOWER! MAYBE APPLE NEEDS TO ACQUIRE THEM BUT DO THEY WANT THE HEADACHE?
Meanwhile, the stock appears cheap but could still go lower! I am reluctant to visit the parks with all the ‘woke’ influence. Like to tell you about the day I spent following Walt Disney himself around Disneyland when I was 14 years old.
“There’s no way we’re hiring a white male for this role” – Michael Giordano, Senior Vice President at the Walt Disney Company.
Help James O’Keefe expose this and other absurdities in the political left
https://tinyurl.com/3mp9yp49
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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