- Morning Briefing w/ KevinD
- Posts
- Tuesday August 20 @ 9:00am
Tuesday August 20 @ 9:00am
Indices pausing this morning as traders await key economic events later this week
KevinD
August 20, 2024
T
"Warren Buffett’s net worth is $139.9 billion. Of that, $139.6 billion was accumulated after his 50th birthday."
📈 The Markets Overnight
🌏 Asia: Mostly up
🌍 Europe: Down slightly
🌎 US Index Futures: Unchanged
🛢 Crude Oil: Down slightly
🪙 Gold: Up
🧐 Yields: Down
💵 Dollar: Down a bit
🔮 Crypto: Up
🌏 Major Global Catalysts
Israel reportedly accepts US cease fire proposal. (link)
💵 Economic Reports and Events Today
1:35pm FOMC Member Bostic participate in a fireside chat at an event hosted by the Federal Reserve Bank of Atlanta. (link)
2:45pm FOMC Member Barr speaks about cybersecurity at the Joint Financial and Banking Information Infrastructure Committee-Financial Services Sector Coordinating Council Meeting, in Washington DC. (link)
📰 Selected Earnings Releases
Consensus Estimates shown
After Hours Today:
Pre-Market Tomorrow:
🔮 Selected Analyst Ratings Changes
AVDX AvidXchange Holdings: JP Morgan Downgrades to Neutral Lowers Target to $9.00
CUZ Cousins Props: Evercore ISI Group Downgrades to In-Line Maintains Target at $29.00
GLOB Globant: UBS Downgrades to Neutral Raises Target to $235.00
LRN Stride: Citigroup Downgrades to Neutral Raises Target to $90.00
📉 Stocks In Play
HA Hawaiian Holdings: Up 11% after the Justice Department decides not to challenge the proposed merger with ALK Alaska Air. (link)
NNE Nano Nuclear Energy: Up 19% after Trump said he'd accelerate the deployment of advanced small modular nuclear reactors. (link)
TSLA Tesla: Up 2% after the EU cuts tariffs on Chinese-made Tesla EVs. (link)
JD JD .com: Down 3% along with other Chinese ADRs as investors become anxious over the latest decision to stop publishing foreign fund flow reports. (link)
LLY Eli Lilly: Up 2% after publishing data that shows the company’s weight-loss drug significantly reduced the risk of developing type 2 diabetes in overweight adults. (link)
PANW Palo Alto Networks: Up 2% as earnings and guidance come in above analyst expectations. (link)
💬 Commentary
The market continued its climb higher yesterday, with QQQ leading the way, gaining 1.3%, closely followed by IWM with a 1.2% gain. SPY added another 1%, now within 1% of last month's all-time high. Every major sector saw gains, led by technology's 1.65% rise, with consumer discretionary and communications sectors close behind. While staples lagged, the sector still managed a 0.3% gain. The dollar continued to weaken, oil prices dipped, gold hit another all-time high, and cryptocurrencies posted modest gains.
The indices are essentially flat this morning, with the S&P 500 on the cusp of logging its ninth consecutive up day, a streak not seen since 2004. Despite the market's current strength, a choppy to down day seems probable as traders might pause or book profits ahead of several key events this week: the FOMC's July meeting minutes release tomorrow, the Jackson Hole Symposium starting on Thursday, and Jay Powell's speech on Friday. It’s important to note that the market has set extremely high expectations for dovish signals from the Fed and Powell, which could influence trading sentiment.
⛵ 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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