The markets were mixed today. The DOW lost 35 points while the NASDAQ gained 8 and the S&P 500 added 1 point today.
With almost 300 of the S&P 500 companies having reported, the estimates for profit growth keep rising. They are now up to 8%, which would be the largest advance in nine quarters. We are still waiting for reports this week from AAP, BZH, CLF, CMI, CVS, JCOM, K, RAI, TWTR, VIAB, YRLP, YUM and high-flying NVDA.
Today was another one of those days when the major indices made relatively small moves. The big losers today were the financials, lower for the third day in a row on the bond yields falling. The 10-year Treasury Note stands at 2.33%. As a result, DOW components GS and JPM, both former upside leaders, lost value today. Large components of the NASDAQ such as AMZN, BIDU, FB, NFLX and TSLA id well today.
The overall bull market is now in its 91st straight month. This compares to the average length of 59 months for the 11 bull markets since 1949. This is now the second longest bull market in history trailing only the 1987-2000 period.
Donald M. Selkin
These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report. This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities. This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm. This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author. These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.