S&P 500 weekly chart, July 15, 2019

Today’s Market Wrap Up and a Glimpse Into Wednesday

Stocks finished modestly higher, with all three indices closing in the green. The S&P 500 managed to set another record, the broader market index’s fourth in a row, on robust economic data, though it finished off its highs of the session. Today marks the 33rd time that the S&P 500 has reached all-time-high territory year-to-date.

Homebuilders were a bright spot after S&P Case-Shiller revealed that home prices climbed close to 15% higher in April year-over-year on the heels of a 13.3% gain in March. The home price index hasn’t been at this level in more than three decades.

Tech stocks led by Apple powered the Nasdaq to its latest all-time high. Wall Street analysts are eyeing chip stocks as beneficiaries of the introduction of the iPhone 13. Along those lines, Skyworks Solutions advanced 4.5% today. Consumers are exhibiting great confidence, with the Conference Board’s June results coming in stronger than anticipated.

The Dow Jones Industrial Average barely eked out a win, no thanks to Caterpillar, which is down 11% in the month of June alone. Otherwise, inflation worries appear to have been shelved for now. Investors, however, have plenty more data to weigh this week that might help to determine whether the bulls will remain in control.

Active Stocks

  • Virgin Galactic shed 14% on the day. Investors who are eyeing the stock ahead of Richard Branson’s company’s first commercial trip to space might consider it a buying opportunity. Virgin Galactic is proceeding with test flights this summer. Rival space travel company Blue Origin, founded by Jeff Bezos, plans to make its first flight with passengers next month, the excitement for which could spill over into Virgin Galactic.
  • Context Logic, a mobile e-commerce company that is another meme stock play, gave back some recent gains, falling 7%. The stock, which trades under the symbol WISH, is up almost 75% in the month of June in this new market paradigm.

Look Ahead

Second-quarter earnings reports will start to come out in earnest in the coming weeks. On Wednesday, meme stock Bed Bath & Beyond will take the spotlight with its fiscal Q1 earnings report prior to the opening bell. The stock is trading higher by 1% in after-hours.

The ADP employment report comes out at 8:15 a.m. ET ahead of the all-important employment report on Friday. In addition, there are a couple of Fed officials scheduled to speak on Wednesday, including Atlanta Fed President Raphael Bostic and Richmond Fed President Tom Barkin.