Here is a Market Recap for today Wednesday, June 30, 2021, /u/psychotrader00, on June 30, 2021 at 8:15 pm ,

PsychoMarket Recap – Wednesday, June 30, 2021 Please Note: Apologies for not sending the Daily Recap out yesterday, I was having technical issues on my end. Thankfully, all the issues were resolved, its full steam ahead. Stocks traded mixed today, with the S&P 500 (SPY) and Dow Jones (DIA) rising while the Nasdaq (QQQ) fell modestly after hitting record highs for many consecutives days. In short, stocks continue to hover near record highs. Market participants are encouraged a stronger-than-expected gain on private payrolls and tempered inflationary fears. Looking ahead, market participants wait for Q2 earnings season and incoming economic data. Today, ADP’s June private payroll report showed private payrolls increased faster than expected. This underscores the ongoing economic recovery with the US economy reporting its sixth straight monthly increase in employment. Job openings rose by 692,000 versus the 600,000 expected. Consumer confidence has also risen and pointed to Americans’ increased propensity to spend, with the Conference Board’s consumer confidence index racing to its highest level since February 2020. David Lefkowitz, UBS Global Wealth Management Head of Equities, said “If you look at what’s really been powering the economy and powering the stock market, it’s been the fact that there’s been so much fiscal stimulus poured into the economy. What’s really crucial though is that a lot of that fiscal stimulus has actually not been spent this year. It’s sitting on the balance sheets of consumers.” I totally agree. Consumer spending accounts for roughly 70% of US GDP. Now that the economy is reopening thanks to effective distribution of the vaccine, I expect saving-laden consumers to step out and spend big this summer after enduring social distancing guidelines for more than a year. Today marks the last trading session of the second quarter of the year, so I thought it would be useful to take a look back at the performance of different assets since March. Year-to-date through Tuesday’s close, the S&P 500 has increased 14.3%, the Nasdaq by 12.7% and the Dow by 12%. The 10-year Treasury yield hit a year-to-date peak of 1.77% in March but is on track to end the quarter yielding just under 1.5%. The West Texas intermediate crude oil rebounded by 23% as demand for energy picks up. Digital currencies, on the other hand, had a very difficult quarter, with prices sharply down across the board compared to the beginning of the quarter. Highlights Pending home sales were up 8% in May month-on-month, helping reverse April’s 4.4% drop, according to data from the National Association of Realtors. This brought the pending home sales index to 114.7, or the highest reading for the month of May since 2005. Chinese ride-hailing giant Didi (DIDI) began trading on the New York Stock Exchange. The company sold 316.8 million shares to raise $4.4 billion, making it one of the largest initial public offerings of a Chinese company in the U.S. since Alibaba’s (BABA) $25 billion listing in 2014. Trading began trading at $18, roughly 29% higher than its $14 IPO price, though throughout the session the stock lost most of its IPO gains. General Mills (GIS) said it is raising prices across nearly all its grocery categories by around 7% due to higher costs for ingredients and labor. Ford Motor (F) said it will be forced to cut output across more than a half-dozen U.S. factories in July due to continued pressure from the global shortage in semiconductors. PayPal (PYPL) is intensifying competition with Square (SQ) by launching its own physical card reader to put in stores. While both are undisputed leaders in fin-tech, PYPL has always focused more intensely on peer-to-peer transactions while SQ put more of an emphasis on consumer-to-business transactions. Twitter Inc on Tuesday named Sarah Personette as chief customer officer to oversee the social media platform’s global ad sales, global content partnerships and revenue operations. The company has been making a big push to increase revenue lately. **Current stock price was written during the session and may not reflect closing prices** Salesforce (CRM) target raised by Evercore from $290 to $300 at Outperform. Stock currently around $244 Crowdstrike (CRWD) target raised by Truist Securities from $250 to $300 at Buy. Stock currently around $252 Facebook (FB) target raised by Argus from $385 to $410 at Buy. Stock currently around $349 Hess (HESS) target raised by Wells Fargo from $98 to $104 at Overweight. Stock currently around $87.50 Paychex (PAYX) target raised by Citigroup from $1095 to $121 at Buy. Stock currently around $107 Shopify (SHOP) with two target raises. Stock currently around $1464 Loop Capital from $1400 to $1600 at Buy Royal Bank of Canada from $1500 to $1700 at Outperform Exxon Mobil (XOM) target raised by Wells Fargo from $67 to $72 at Overweight. Stock currently around $63 “How long are you going to wait before you demand the best for yourself?” – Epictetus submitted by /u/psychotrader00 [link] [comments], , Read More, r/StockMarket – Reddit’s Front Page of the Stock Market, r/StockMarket

Leave a Reply

Your email address will not be published. Required fields are marked *