https://www.howestreet.com/2024/08/flat-earnings-take-toll-on-stock-markets-mark-leibovit/
U.S. Stocks Snap 3-day Losing Streak, End On Firm Note
U.S. stocks closed higher on Tuesday, recovering well after three successive days of losses, as investors shrugged off
fears of a recession and geopolitical concerns, and chose to indulge in some buying at reduced levels.
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Investors also reacted positively to the latest batch of corporate earnings news.
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The major averages all closed on a firm note. The Dow ended up 294.39 points or 0.76 percent at 38,997.66. The S&P 500
closed up by $53.70 points or 1.04 percent at 5,240.03, while the Nasdaq settled higher by 166.77 points or 1.03 percent at
16,366.85.
In U.S. economic news, the Commerce Department released a report on Tuesday showing the U.S. trade deficit narrowed in the
month of June.
The Commerce Department said the trade deficit shrank to $73.1 billion in June from a revised $75.0 billion in May.
Economists had expected the trade deficit to decrease to $72.4 billion from the $75.1 billion originally reported for the
previous month.
The narrower trade deficit came as the value of exports jumped by 1.5 percent to $265.9 billion, while the value of imports
rose by 0.6 percent to $339.0 billion.
The Atlanta Fed raised its third quarter growth projection for the U.S. economy on Tuesday, citing latest economic data
including the ISM indexes.
Real gross domestic product growth estimate, based on the Atlanta Fed's GDPNow model, was lifted to 2.9 percent from 2.5
percent predicted on August 1.
Shares of Uber soared 11 percent after the company reported better than expected second quarter results. Caterpillar shares
gained 3 percent, after the company's second quarter results exceeded analyst estimates on both the top and bottom lines.
CSX Corp shares climbed 2.6 percent on strong second quarter earnings.
Nvidia Corporation shares surged nearly 4 percent. Meta Platforms also gained nearly 4 percent. Texas Instruments advanced
3.2 percent.
Microsoft, Berkshire Hathway, Eli Lilly & Company, JP Morgan Chase, Mastercard, Costco, Home Depot, Netflix, T-Mobile,
Accenture, IBM, GE Aerospace, Verizon, American Express, Walt Disney, Goldman Sachs, Boston Scientific, and Analog Devices
gained 1 to 3 percent.
Apple Inc., Johnson & Johnson, Merck, Chevron Corporation, Advanced Micro Devices, Pfizer, Boeing and Micron Technology
closed weak.
In overseas trading, Asian stocks closed mostly higher, while European stocks ended on a mixed note.
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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.
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.
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.
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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.
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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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