Monday, November 25, 2024
You can tell you’re in a for-real bull market when there is virtually no economic data released during a trading session and markets gain a percentage point anyway. The Dow closed at a fresh new high at 44,736, +0.99% or +440 points on the day. The S&P 500 and Nasdaq grew a slighter +0.30% and +0.27%, respectively, while the small-cap Russell 2000 swept the field, +1.86% today.
Much of the tail winds are connected to expectations from an incoming Trump administration in terms of corporate tax cuts and deregulatory policies for trading markets. Trump’s selecting of Wall Street hedge fund manager Scott Bessent is probably today’s biggest catalyst, with investors feeling very comfortable their investments will be looked after.
The Russell 2000 leapt to a new closing high as well today, as Bessent’s recent discussion on responsible tariff usage (he wants them “layered in gradually”) nevertheless assures tariffs will be coming to an import near you. Why that’s good for small-cap stocks is that most of them are fully domestic, not prone to tariffs at all.
Crypto Trade Update: HOOD, COIN, MSTR
We also saw Robinhood HOOD surge +3.3% today on a Morgan Stanley upgrade this morning, along the same principles we mention above. Coinbase COIN also gained +1.7% on the session, though MicroStrategy MSTR stock took a -5% down turn today. Consider, however, that Michael Saylor’s company — which just announced another $5.4 billion purchase of additional Bitcoin — is +70% over the past month and a staggering +484% year to date. Coinbase is +97% from the start of the year, and Robinhood is +205%.
Zoom, Agilent Post Slight Beats After Hours
We like to think of earnings season as being fully depleted, but we do have a few notable exceptions today. After today’s close, both Zoom Communications ZM and Agilent Technologies A posted beats on both top and bottom lines. Earnings gains were slightly more impressive than revenue outperformances.
The difference here is that while Zoom pushed its guidance slightly higher for earnings and sales in the present quarter, Agilent dialed back expectations. Shares of the former Hewlett-Packard spinoff are down -2.5% in late trading, while Zoom is relatively flat, and +22% over the past month.
Check out the updated Zacks Earnings Calendar here.
What to Expect for Tuesday’s Stock Market
Aside from one of the last big days of Q3 earnings season, with companies like Macy’s M, Best Buy BBY, Kohl’s KSS, Nordstrom JWN and Abercrombie ANF all posting results tomorrow morning, we’ll also see some housing data ahead of the bell. Specifically, Case-Shiller home prices for September will give us an undisputed look in the rearview mirror on the home price market. After the open, New Home Sales for October and Consumer Confidence for November will also inform the marketplace.
Speaking of Kohl’s, just this afternoon comes the announcement that current CEO Tom Kingsbury will be stepping down as of January 15th of next year. He will be replaced by well-known retail executive Ashley Buchanan, who is currently seated on the board at Macy’s. Kohl’s has a 10-quarter string of negative sales comps currently, and shares are down -35% year to date.
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Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpMacy's, Inc. (M) : Free Stock Analysis Report
Kohl's Corporation (KSS) : Free Stock Analysis Report
Abercrombie & Fitch Company (ANF) : Free Stock Analysis Report
Best Buy Co., Inc. (BBY) : Free Stock Analysis Report
Agilent Technologies, Inc. (A) : Free Stock Analysis Report
Nordstrom, Inc. (JWN) : Free Stock Analysis Report
MicroStrategy Incorporated (MSTR) : Free Stock Analysis Report
Zoom Video Communications, Inc. (ZM) : Free Stock Analysis Report
Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
