7:30 AM – MORNING MARKET UPDATE & WATCH LIST
On Tuesday, the major averages finished mixed with the Dow ending off -102 points, weighed down by HD and DOW. The Nasdaq marked another new high, closing up +21 points, while the S&P lost just -2 points as uncertainty about the U.S.-China trade efforts, and poor retail earnings.
QUOTE OF THE DAY:
“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.”
– Ronald Reagan
In earnings news, our Target (TGT), which is on our watch list, reported earnings this morning which rose to $1.36 a share. Revenue climbed to $18.665 billion. Same-store sales up +4.5%. Shares are considerably higher premarket.
We will also hear from other key names such as LOW this morning, and then NTES, JACK, and LB after the bell.
Yesterday, New York Fed President John Williams said the economy is clearly facing several challenges, primarily from overseas, but the three rate cuts since July should help sustain growth. The U.S. economy is facing headwinds from slower global growth, uncertainty from trade and muted inflation pressures, Williams said. As a result of these global factors, “growth is starting to slow in the U.S.,”.
Minutes from the Fed’s October meeting will post at 2 p.m. ET.
BREAKOUT ALERT UPDATE:
First American Financial Corp (NYSE – FAF)
First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments.
A break below the upward trendline would be the first concern.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
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