Dow went up 26 to another record, advancers ahead of decliners 5-4 & NAZ slid back 2. The MLP index did little in the 257s & the REIT index fluctuated near 391. Junk bond funds inched higher & Treasuries declined in price. Oil crawled higher in the 59s & gold was flattish at 1412.
AMJ (Alerian MLP Index tracking fund)
Stocks opened mixed following 2 days of record closes, as investors react to Q2 earnings of top US firms. The Dow opened up slightly to 27,361. The S&P 500 dropped 2 to 3011 & the NAZ fell 11 at the open to 8246. The Dow briefly touched a new high before quickly receding & the other 2 equity exchanges remain in record territory.
Dow breaks new high after two days of record closes on Wall Street
club.ino.com/trend/analysis/stock/JPMa_aid=CD3289&a_bid=6ae5b6f7
Wells Fargo (WFC) has worked for more than 2 years to recover from fines & investigations into inappropriate sales practices. "In second quarter 2019, we recorded strong earnings and continued to make progress on our top priorities: focusing on our customers and team members; meeting the expectations of our regulators; and continuing the important transformation of our Company," said Interim CEO Allen Parker. "The commitment of our team members to provide outstanding customer service was reflected in higher customer experience survey scores from our branches, continued growth in primary consumer checking customers, and an increase in referred investment assets as a result of the partnership between our Wealth and Investment Management team and our Community Banking team." In the year ago qtr, the bank reported EPS of $1.08 on revenue of $21.5B. In this year's first qtr, WFC reported a EPS of $1.20 on revenue of $21.6B. The stock fell 86¢.
If you would like to learn more about WFC, click on this link:
club.ino.com/trend/analysis/stock/WFCa_aid=CD3289&a_bid=6ae5b6f7
The US & China have restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all. China suddenly added a new member to its negotiating team — the country’s commerce minister Zhong Shan, who was present at last month's G-20 summit & took part in a conversation with US representatives last week. Zhong is seen by many in DC as a hardliner, a sign the Chinese leader Xi Jinping is standing firm. His recent remarks in the Chinese press indicated his tough stance in the trade war. “The U.S. side has provoked economic and trade frictions against us and violated the principles of the WTO. It is typical of unilateralism and protectionism,” Zhong told the People's Daily yesterday. “We have to uphold our warrior spirit in firmly defending national and people’s interests in defending the multilateral trading system.” The People's Daily is the official newspaper for the Communist Party in China. The new development dampened analysts & investors' hope for a resolution as some see the progress “in reverse.” The prolonged trade battle seems to be taking a toll on the Chinese economy. Data showed yesterday its economy slowed to 6.2% — the weakest rate in at least 27 years. Pres Trump claimed the slower growth is the evidence that China is losing the trade war, saying in a Twitter post yesterday that US tariffs were having “a major effect” & it’s why China wants a deal. China's side was quick to rebut Trump's comment. Chinese Foreign Ministry spokesman Geng Shuang said China's H1 pace was a “not bad performance” & was in line with expectations. “As for United States’ so-called ‘because China’s economy is slowing so China urgently hopes to reach an agreement with the U.S. side’, this is totally misleading,” Geng said.
Signs point to the trade war dragging on as China strikes hard-line ton
There is a lot of data to digest. The biggest story is from China. They look to be playing hardball in negotiations & talks could good drag on for a very long time. Shortly earnings from real corps (not banks with difficult to understand numbers) will give an idea of the strength in Q2. Meanwhile, stock averages are at or essentially at record highs.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 59.83 | +0.25 | +0.4% |
| GC=F | Gold | 1,411.00 | -2.50 | -0.2% |
Stocks opened mixed following 2 days of record closes, as investors react to Q2 earnings of top US firms. The Dow opened up slightly to 27,361. The S&P 500 dropped 2 to 3011 & the NAZ fell 11 at the open to 8246. The Dow briefly touched a new high before quickly receding & the other 2 equity exchanges remain in record territory.
Dow breaks new high after two days of record closes on Wall Street
Shares of JPMorgan Chase (JPM), a Dow stock, were lfat after the nation's largest bank exceeded Q2 earnings expectations. EPS rose to $2.82, higher than expected. Underscoring the growth was
a one-time benefit from the resolution of tax audits that boosted
profits per share by 23¢. Revenue grew 4% to $29B, also beating predictions. "We
continue to see positive momentum with the U.S. consumer – healthy
confidence levels, solid job creation and rising wages," CEO Jamie Dimon
said. Higher interest rates helped spur a 7% rise in lending profits to
$14.4B. Investors are eagerly awaiting the Federal Reserve's
meeting at the end of Jul to see if the central bank will opt to lower
interest rates, an action Chair Jerome Powell hinted at during 2-days of testimony. Meanwhile, trading revenue declined 12% to $1.7B & earnings from investment banking dropped 9% to $1.8B. The stock rose 1.08.
If you would like to learn more about JPM, click on this link:club.ino.com/trend/analysis/stock/JPMa_aid=CD3289&a_bid=6ae5b6f7
JPMorgan Chase 2Q earnings topped expectations
Wells Fargo (WFC) has worked for more than 2 years to recover from fines & investigations into inappropriate sales practices. "In second quarter 2019, we recorded strong earnings and continued to make progress on our top priorities: focusing on our customers and team members; meeting the expectations of our regulators; and continuing the important transformation of our Company," said Interim CEO Allen Parker. "The commitment of our team members to provide outstanding customer service was reflected in higher customer experience survey scores from our branches, continued growth in primary consumer checking customers, and an increase in referred investment assets as a result of the partnership between our Wealth and Investment Management team and our Community Banking team." In the year ago qtr, the bank reported EPS of $1.08 on revenue of $21.5B. In this year's first qtr, WFC reported a EPS of $1.20 on revenue of $21.6B. The stock fell 86¢.
club.ino.com/trend/analysis/stock/WFCa_aid=CD3289&a_bid=6ae5b6f7
Wells Fargo's 2Q earnings beat on cost cutting, more loans
The US & China have restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all. China suddenly added a new member to its negotiating team — the country’s commerce minister Zhong Shan, who was present at last month's G-20 summit & took part in a conversation with US representatives last week. Zhong is seen by many in DC as a hardliner, a sign the Chinese leader Xi Jinping is standing firm. His recent remarks in the Chinese press indicated his tough stance in the trade war. “The U.S. side has provoked economic and trade frictions against us and violated the principles of the WTO. It is typical of unilateralism and protectionism,” Zhong told the People's Daily yesterday. “We have to uphold our warrior spirit in firmly defending national and people’s interests in defending the multilateral trading system.” The People's Daily is the official newspaper for the Communist Party in China. The new development dampened analysts & investors' hope for a resolution as some see the progress “in reverse.” The prolonged trade battle seems to be taking a toll on the Chinese economy. Data showed yesterday its economy slowed to 6.2% — the weakest rate in at least 27 years. Pres Trump claimed the slower growth is the evidence that China is losing the trade war, saying in a Twitter post yesterday that US tariffs were having “a major effect” & it’s why China wants a deal. China's side was quick to rebut Trump's comment. Chinese Foreign Ministry spokesman Geng Shuang said China's H1 pace was a “not bad performance” & was in line with expectations. “As for United States’ so-called ‘because China’s economy is slowing so China urgently hopes to reach an agreement with the U.S. side’, this is totally misleading,” Geng said.
Signs point to the trade war dragging on as China strikes hard-line ton
There is a lot of data to digest. The biggest story is from China. They look to be playing hardball in negotiations & talks could good drag on for a very long time. Shortly earnings from real corps (not banks with difficult to understand numbers) will give an idea of the strength in Q2. Meanwhile, stock averages are at or essentially at record highs.
Dow Jones Industrials
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