Senior Market Strategist for LPL Financial Ryan Detrick discusses growth versus value and his investment tips.
US stock markets had changed little on Thursday morning as traders weighed up the continued improvement in the US economy and a sharp rise in bond yields.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 31779.89 | -181.97 | -0.57% |
| SP500 | S&P 500 | 3891.88 | -33.55 | -0.85% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13432.670813 | -165.30 | -1.22% |
The Dow Jones Industrial Average rose 31 points, or 0.1%, while the S&P 500 and Nasdaq Composite were down 0.32% and 0.61%, respectively. Any profit for the Dow would add to Wednesday’s record, just below the 32,000 level.
Durable goods orders excluding transportation were up 1.1% month over month in January, more than the 0.7% growth analysts surveyed by Reinfitiv expected, and initial unemployment claims fell to 730,000 last week from a downward revised 841,000 the week before.
WEEKLY JOBLESS CLAIMS DROP BUT STAY INCREASED
Meanwhile, a second estimate for fourth quarter gross domestic product showed that the US economy grew at a robust 4.1% year-on-year rate, up from its initial 4% print.
BIDEN, PELOSI, SCHUMER PRESS $ 1.9 T STIMULUS AS DEBT, SHORTAGE BALLOON OF EYE-MATCHING AMOUNTS
Signs of a picking up economy have helped the 10-year yield rise by more than 8 basis points to above 1.46%, the highest level in a year.
This as the House of Representatives prepares for a vote, possibly Friday, on President Biden’s $ 1.9 trillion COVID-19 aid package.
WHY GAMESTOP SHARES RISE 104% WEDNESDAY
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| GME | GAMESTOP | 132.53 | +40.83 | + 44.53% |
In stock, GameStop Corp. shares remained. rise after doubling on Wednesday after news that Chief Financial Officer Jim Bell was forced out by Ryan Cohen, the founder of online pet food company Chewy, whose venture capital firm has amassed a nearly 10% stake. The New York Stock Exchange halted trading shortly after opening due to volatility.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 9.93 | +0.82 | + 9.00% |
| BBBY | BED BATH & BEYOND INC. | 27.47 | +0.09 | + 0.33% |
| KOSS | KOSS | 30.05 | +11.61 | + 62.96% |
Other stocks that have recently been subject to short squeezes, including Bed Bath & Beyond Inc., AMC Entertainment Holdings Inc. and Koss Corp. also posted significantly higher.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| TSLA | TESLA INC. | 717.59 | -24.43 | -3.29% |
Elsewhere, Tesla Inc. employees that it will temporarily halt production of its Model 3 sedan at its Freemont, California plant, Bloomberg reports, citing a person familiar with the matter.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| BBY | BEST BUY | 105.89 | -7.35 | -6.49% |
In terms of revenue, Best Buy Co. mixed quarterly results, warning that comparable store sales could decline by as much as 2% in the current fiscal year if demand declines from pandemic levels.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| BUTTON | ANHEUSER-BUSCH INBEV | 60.98 | -4.20 | -6.44% |
Anheuser-Busch InBev posted better-than-expected revenues and revenues, but margins were under pressure as the company used more expensive single-use cans as home consumption increased during the pandemic.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| JUDGMENT | after | after | after | after |
Domino’s Pizza missed profits and sales as same-store sales growth slowed to 11.2% from 17.5% in the previous quarter. The pizza chain expects worldwide sales growth of 6% to 10% in the next two to three years.
In commodities, West Texas Intermediate crude oil fell 35 cents to $ 62.87 a barrel, while gold fell $ 18.60 to $ 1,779.30 an ounce.
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The European markets traded mixed with the UK FTSE 100 at 0.31%, the French CAC 40 at 0.11% and the German DAX 30 at 0.1%.
In Asia, the Chinese Shanghai Composite index rose 0.59%, the Hang Seng index in Hong Kong rose 1.2% and Japan’s Nikkei 225 rose 1.67%.