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Stocks rallied this week as earnings season ramped up and is so far off to a better-than-expected start. With 20% of the S & P 500 having reported financials so far, sales results have thus far been 1.4% above expectations while earnings results are 5.4% above expectations, in aggregate. That inverse correlation between bond yields and stocks was powerful enough to trump positive earnings reports. Looking back On the earnings front, we got results from Johnson & Johnson (JNJ), Procter & Gamble (PG), and Danaher (DHR). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
The three major averages closed higher Friday, with the S & P 500 adding 2.37% to close at 3,752.75. Stovall said the S & P 500 had six positive moves of 1% or more in the last 17 trading days, as of Friday. Earnings, earnings, earnings About 150 S & P 500 companies report earnings in the coming week. Technically speaking Scott Redler, partner with T3Live.com, said he is watching a formation in the S & P 500 that could be positive. His first target for the S & P 500 is 3,800.
A federal judge in Maryland on Tuesday declined to halt Booz Allen Hamilton Holding purchase of a competing cybersecurity firm, turning back the Justice Department’s effort to block the deal on antitrust grounds. Booz Allen in March moved to acquire EverWatch, a company it had been competing against to win a five-year contract to support the National Security Agency’s mission of collecting foreign communications. The Justice Department sued in June, alleging the acquisition would drive up prices for the U.S. government and create a monopoly supplier for a critical national-security service.
Whistleblower Edward Snowden has a new title: Russian citizen. U.S. authorities have for years wanted Snowden returned to the United States to face a criminal trial on espionage charges. Snowden said in 2019 that he was willing to return to the U.S. if he’s guaranteed a fair trial. In fact, in 2016, The Washington Post’s own editorial board opposed granting the whistleblower a pardon. He is one of 75 foreign nationals listed by the decree as being granted Russian citizenship.
Members of Congress regularly make stock trades and are required to disclose them. Here's Insider's compilation of the most recent stock trades lawmakers disclosed. Her stock sales include the American Express Company, Booz Allen Hamilton Holding Corporation, consumer credit reporting agency Equifax Inc., and oil company Hess Corporation. Dingell this month also sold up to $50,000 worth of stock in the parent company of department store Macy's. These disclosures, which include a range of information about members' income, assets, debt, and financial trades, were originally due May 17.
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