The US indices are giving back a bit of the gains from the Jackson Hole speech on Friday, as we are looking at this as a potential change in the attitude of the markets in general. At this point, we are still bullish, but pullbacks are inevitable.
JPM, GS, JNJ, DIS, and MSFT are five blue-chip stocks that stand out with strong growth drivers and upgraded estimates as the Dow hits record highs.
8:32am: Stocks pull back US stocks are set to open lower on Monday, following a surge on Friday driven by rate cut optimism. Investors last week welcomed signals from Federal Reserve chair Jerome Powell that rate cuts could start as soon as September, with the Dow Jones adding more than 800 points or 1.8%.
Stock futures edged lower after the Dow's record close; markets buoyed by Powell's dovish Jackson Hole remarks and hopes for Fed rate cuts. Investors closely watching upcoming inflation data and Nvidia's earnings, which follow a notable tech sector pullback and Friday's rally.
The US indices that I follow all look somewhat quiet in premarket trading, as we are likely waiting for the next inflation numbers, and of course that speech by Jerome Powell this Friday.
DIA is outperforming as sector rotation, rate cut optimism and gains in heavyweights fuel Dow's record highs.
The Dow closed the session up +10 points, +0.02%, while the Nasdaq shed -314 points on the day, -1.46%.
8:15am: Eye on geopolitics Wall Street looks set for a quiet open on Tuesday, with futures barely budging as investors digest the first big retail earnings of the week and keep one eye on geopolitics. Dow futures inched up about 0.1%, while contracts tied to the S&P 500 hovered just below flat.
Traders eye Powell's Jackson Hole speech and retail earnings as Intel, Caterpillar, and Home Depot drive early stock market focus.
The Dow Jones Equity All REIT index grew 0.59% during the recent week, while the MSCI US REIT index increased 0.71%. The healthcare REIT index was the sole Dow Jones US real estate sector property index to close the recent week in the red, down 1.57%. Cannabis-oriented Innovative Industrial Properties Inc. was the top-performing REIT stock above a $200 million market capitalization for the recent week, with a share-price gain of 14.01%.
The Dow Jones Industrial Average opened at its first all-time high of the year on Friday as shares of health care giant UnitedHealth Group (UNH) soared.
Dow hits record high on UnitedHealth surge, but weak internals and cautious sentiment signal limited upside for US stocks today.