Stock Market Pares Losses; JPMorgan, Goldman Sachs Lead Dow Jones

The stock market woke up in an ornery mood Monday on news China’s annual trade surplus with the U.S. hit a record in 2018. Big winners in the stock market Monday included Nasdaq 100 component Lululemon Athletica (LULU). Micron Technology (MU) and Western Digital (WDC) lagged badly in the Nasdaq 100, while Goldman Sachs (GS) and JPMorgan (JPM) were top performers in the Dow Jones.


The Nasdaq composite was off lows after falling 1.2% intraday. It was down 0.6%, while the Dow Jones industrial average and S&P showed losses of around 0.3%.

In the stock market today, China was in the headlines again after its trade surplus with the U.S. hit a multiyear high of $323.32 billion in 2018, up 17% from 2017. Exports to the U.S. increased 11.3% while imports from the U.S. edged up 0.7%.

Stock Market Movers

In other stock market news, Citigroup (C) initially reacted negatively to earnings, but the stock reversed impressively higher. Shares were up more than 4%.

Results from JPMorgan are due Tuesday before the open. Goldman Sachs reports Wednesday before the open.

After months of harsh selling, value investors have started to nibble at financial stocks, but they’re not out of the woods yet. The 10-year Treasury yield topped 3.20% in November but was recently trading around 2.70%. A higher interest rate environment is good for banks, because it improves their net interest margin, but the Federal Reserve has made it clear recently that it’s not in a hurry to hike rates.

Lululemon Athletica (LULU) gapped up and soared 10% in the stock market today after the company issued bullish guidance due to strong holiday sales.

In M&A news, Newmont Mining (NEM) slumped 8.5% after it announced plans to buy Goldcorp (GG) for $10 billion. Shares of Goldcorp surged 7%. The deal comes about three months after Barrick Gold (GOLD) agreed to acquire Randgold Resources for $5.4 billion.

Inside the IBD 50, Horizon Pharma (HZNP) outperformed in the stock market with a gain of nearly 2%. It’s working on a well-formed base with a 23.48 entry.


IBD 50 Payments Stock Nears Buy Point In First-Stage Base

Sector Watch: These Top Stocks Could Surprise To The Upside

Subscribe To IBD’s YouTube Channel For Live Videos And Educational Content

Source link

Originally posted 2019-09-19 23:30:51.


No comments.

Leave a Reply

error: Content is protected !!