Friday July 19 @ 9:00am

Author

KevinD
July 19, 2024

"Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market."

~ Ron Chernow

📺️ Programming Note

On Fridays during the summer we’ll be publishing a condensed version of our regular newsletter. Economic and earnings events for the day, along with some brief commentary will be included, however, we will not cover overnight and pre-market action. Enjoy your weekend!

💵 Economic Reports and Events Today

Consensus forecasts shown

  • 10:40am FOMC Member Williams participates in a panel discussion titled "A New Era for Monetary Policy" at the 15th Bretton Woods Conference, in Peru.. (link)

  • 1:00pm FOMC Member Bostic delivers closing remarks at a conference hosted by the Federal Reserve Bank of Dallas. (link)

📰 Selected Earnings Releases

Consensus Estimates shown
After Hours Today:

  • None

Pre-Market Monday:

  • VZ Verizon Communications EPS: 1.15 Revenue: 33.06B (link)

  • TFC Truist Financial EPS: 0.82 Revenue: 4.81B (link)

💬 Commentary

Geopolitical concerns continued to pressure stocks yesterday, with selling spreading across market cap scales and driving all sectors except energy lower. Healthcare suffered the most, declining by 2.3%, followed by financials down 1.2%, and consumer discretionary down 1%.

In addition, the crypto market fell, yields rose, the dollar strengthened, and volatility surged to its highest level since April. This risk-off sentiment indicates potential for more selling in the near term. Despite this, there were pockets of outperformance, including META, home builders, and some semiconductor stocks.

- KevinD

⛵ When you’re ready…

Some tools/resources that I personally find valuable.

A powerful yet simple fundamental analysis tool: Stock Unlock

AI-powered stock research tools used by institutional investors: Finchat

The trading journal to help improve your trading performance: Tradervue

Analyze trade ideas with me, KevinD, in live calls: My trading group

#1 charting software for serious traders: TradingView

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Disclaimer: Everything expressed in this newsletter is a personal opinion provided for educational value only. This is not financial advice. These are not instructions, suggestions, or directions as to how to handle your money. Please, always do your own due diligence.