Dow Jones trims gains on rising hopes for a halt in interest rates; Apple is offering a buy point before the main event
The Dow Jones Industrial Average pared some early gains and was up 0.1% at 4pm EST on Wednesday.
X
Payrolls data from automatic data processing showed the jobs market weakened in August as it came in below consensus views of 200,000 at 177,000. According to Econoday. A second Commerce Department estimate showed that gross domestic product for the quarter rose 2.1%, lower than the second-quarter estimate provided last month of 2.4%. In the first quarter, GDP increased by 2%. In the latest Q2 reading, private inventory investment and nonresidential fixed investment were revised downward, offset by upward revisions to state and local government spending.
Both the downward revision to Q2 GDP estimates and the ADP private sector payrolls data reinforce the interest rate pause in September. The odds of interest rates remaining unchanged rose to 88.5% for September, 51.1% for November, and 50.2% in December. CME FedWatchTool.
The Bureau of Labor Statistics is scheduled to release the payroll report on Friday. The yield on the benchmark 10-year Treasury fell 2 basis points to 4.10% after Wednesday’s economic data.
The pending home sales index for July showed a reading of 0.9%, higher than June’s revised reading of 0.4%.
The Standard & Poor’s 500 index rose 0.4%, led by… Insulate (pod). The index reached the psychologically important level of 4500 on Wednesday.
The Nasdaq was up 0.5% at the closing bell.
Trading volume was lower on the New York Stock Exchange and Nasdaq compared to the same time on Tuesday.
The small-cap Russell 2000 stock added 0.5% at the close while the Innovator IBD 50 rose (FFTY) made a profit of 0.5%. The ETF is testing resistance at its 200-day moving average.
The price of crude oil rose by 0.6% to trade at $81.63 per barrel.
Dow Jones shares
Sales force (Customer relationship management) announced second-quarter results after the market closed. Sales grew 11% to $8.6 billion, while earnings per share of $2.12 were 78% higher than $1.19 in the prior-year quarter. Shares of the software leader rose 1.5% in the regular session on Wednesday, more than 10% in the after-market hours. The company headed higher in terms of revenue for the full year.
apple (Camel) with investors waiting for the fall event on September 12th Make a point of purchase At 198.23 it clears the 50-day line.
Stocks are moving today
Software leaders clear the 50-day streak on Wednesday. Palo Alto Networks (Banu) Peek above the 50 day line within the consolidation zone with a buy point at 258.88. Crowd Strike (CRWD) also maintains the 50-day streak.
HP (HPQ) after the computer and printer maker’s sales declined in the third quarter and after the company also posted a bleak outlook for the current quarter. Stocks tried to reclaim the 50-day line on Tuesday but failed the test and fell below the 200-day line on Wednesday as well.
Hewlett-Packard Corporation (HPE) pared early losses and rose 3% in the stock market today after mixed expectations for the current quarter.
Another driver of earnings is the content management company Box (Box) fell after the results late Thursday. Sales growth eased to 6% in the second quarter and the company expects growth of 5% in the third quarter and the full year, due in part to the expected negative impact of foreign exchange rates.
The parent company of Tommy Hilfiger and Calvin Klein PVH (PVH) rose but fell below the 50-day level after a strong quarter. Sales grew 4%, but earnings per share of $1.98 beat prior guidance of $1.70. The company maintained its full-year forecast for sales growth of 3.5% at the midpoint while increasing its earnings forecast to $10.35 per share from $10 previously.
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