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Apple, FANG Stocks Advance While McDonald’s Holds Gain

U.S. stock indexes gathered strength Monday morning as McDonald’s (MCD) — America’s biggest restaurant stock by market value — jumped 4%. Also, Apple and the FANG stocks rose nicely.

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The Dow Jones industrial average popped 0.7%, while the Nasdaq and the S&P 500 added 0.5% and 0.4%, respectively. Small caps trailed as the Russell 2000 rose 0.3%.

Volume in the stock market today was running behind Friday’s pace at the same time of day.

McDonald’s rose on a strong quarterly report. Earnings increased 22% vs. the year-ago quarter. The Street expected a 14% gain. Q1 revenue dropped 9%, but analysts expected a 12% decline.

McDonald’s early gain hoisted the stock over its 50-day and 200-day moving average lines. The stock is basing in a 18%-deep consolidation. McDonald’s is 7% under a high marked in late January.

Meanwhile, Apple (AAPL) and the FANG stocks started the morning on strong notes. Apple led the pack with a 2.4% gain as the stock fought to retake its 200-day line. Facebook (FB) tacked on 0.5%. Amazon.com (AMZN) drove 0.9% higher. Netflix (NFLX) surged 1.6%. Alphabet (GOOGL) rose 0.4%.

Wells Fargo (WFC) spurted 0.9% after Macquarie Group upgraded the stock from underperform to outperform. Macquarie pointed to valuation as the reason for the upgrade.

Economic Data

Personal income for March checked in at 0.3%, just under an expected 0.4% gain. Consumer spending was in line with the consensus estimate of 0.4%, according to Econoday.

The Chicago purchasing managers gauge for April rolled in at 57.6 vs. the consensus view of 57.8.

Pending home sales for March missed expectations. The reading was 0.4% vs. estimates for 1%.

The Dallas Federal Reserve’s manufacturing survey for April will be released later this morning.

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