SPX, NDX Gain Before Pulling Back and Closing Lower Awaiting Friday's PCE Inflation Report...Energy, Industrials, Financial Lead Sectors...After-hours: DECK, MHK Positive EPS Reactions...

© 2024

The SPX -27.91, 5,399, opened flat after Q2 GDP report was a better than expected 2.8% vs. 2.0% consensus.  The SPX did rally after the open before selling off in the afternoon to close lower for a third straight day.  Advancers breadth did strengthen from Wednesday’s extreme low.

NOW +97.92, +13.40% and MOH +35.45, +12.28% were the SPX earnings gainers on Thursday.

The NDX -1.06% opened flat, sold off for the first 45 minutes, rallied to a positive 1% gain before pulling back in the afternoon to close lower.

After-hours: DECK +88.50, +10.52% and MHK +13.50, +10.04% closed higher after reporting earnings.

PCE Inflation report on Friday, July 26, BMO.

Next Tuesday/Wednesday FOMC meeting July 30-31, 2024 

Earnings season continues Friday with 8 SPX companies reporting: AON, BEN, BMY, CHTR, CL, CNC, MMM, TROW report BMO.

First day reaction: Q1

Positive:  NOW, MOH, UHS, POOL, TYL, CBRE, RTX, MAS, NDAQ, NOC, DOV, LUV VLO, URI RJF,  IBM, AAL, AMP, ORLY, FTI, WTW, HAS, ABBV, KDP, CMS, ENPH, T, NEE, TMO, STX, TDY, TEL, FI CSGP, PNR, MSCI, SHW, GE, LMT, DHR, BRO, HCA, PM, IVZ, IQV, TFC, ISRG, HBAN, SLB, FITB, DHI, CTAS, KMI, EFX, MTB, BX, DFS, USB, JNJ, CFG, PLD, STT, UNH, BAC, PNC, GS, BK, FAST= 68

Neutral: KLAC, GL, DTE, UNP, DOW, IP, COF, ALLE, ODLFL, PKG, EQT, TXN, CME, WRB, MCO, KO, PHM, NVR, GPC, RF, TXT, CCI, STLD, SYF, MS, BLK = 26

Negative:  EW, F, WST, TER, LKQ, WM, INVH, ALGN, RCL, ROL, HON, RSG, NEM, LVS, TSCO, CMG, CARR, PCG, LW, TSLA, FTV, ROP, OTIS, APH, WAB, GOOGL, GEV, V, GD, CB, IPG, BSX, UPS, PCAR, AOS, NXPI, GM, KMB, DGX, ARE, CMCSA, AVY, FCX, CDNS, NUE, VZ, TRV, HAL, PPG, AXP, NFLX, DPZ, ABT, KEY, LVS, SNA, MMC, UAL, JBHT, ELV, NTRS, OMC, SCHW, PGR, WFC, C, JPM = 67

Mega caps TSLA rose and AAPL, AMZN, META, NVDA, MSFT, GOOGL fell on Thursday.

SPY down -2.82 at 538.41, 61.0 million shares, above average volume

VIX up .42 at 18.46

QQQ down -5.11 at 458.27

IBM, CRM, CAT, BA led the DJIA, 15 advancers, +6

NOW, MOH, UHS, POOL led the SPX, 290 advancers 

TEAM, ODFL, MDB, GILD led the NDX, 43 advancers

Up:  IWM, DIA,

Down:  SPY, QQQ,

Four of eleven sectors were higher on Thursday, led by XLE, XLI and XLF.

The SPY MFC green line is pointed down at 47.2 and is short-term bearish.

Uptrend sectors:   XLF, XLV, XLP, XLY, XLRE, XLK, XLC, XLI, XLB, XLU, XLE,

Neutral sectors: 

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

43 of 100 NDX stocks closed higher on Thursday.

33 NDX stocks are above their 30 DMA:  VRSK, REGN, FANG, VRTX, CHTR, EA, CTAS, AMGN, BKR, GILD, ODFL, AEP, CTSH, GEHC, ILMN, CDW, FAST, MDB, LIN, ADP, PAYX, EXC, XEL, KHC, PEP, ORLY, CSGP, CSCO, MDLZ, CSX, MNST, TEAM, WDAY,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

CSX, MNST, TEAM, WDAY,

Moving Below 30 DMA = 2

AZN, ISRG,

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