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2:30 a.m. April 15, 2021 - By Tomi Kilgore
Bank of America stock jumps toward 13-year high after profit beat, new $25 billion buyback programShares of Bank of America Corp. rose 1.8% toward a 13-year high in premarket trading Thursday, after the bank reported profit that more than doubled and beat expectations, citing strong growth in capital markets and lower credit costs, and set a $25 billion stock repurchase program. Net income rose to $8.1 billion, or 86 cents a share, from $4.0 billion, or 40 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 66 cents. Total revenue was unchanged at $22.8 billion, but topped the FactSet consensus of $21.90 billion, while net interest income (NII) dropped 15.9% to $10.20 billion to fall shy of expectations of $10.27 billion. Consumer banking revenue fell 12% to $8.1 billion, as lower rates led to lower NII, while global markets revenue climbed 19% to $6.2 billion. Provision for credit losses improved to a benefit of $1.9 billion from a cost of $4.8 billion. Separately, the bank said it has authorized the repurchase of up to $25 billion worth of common stock over time. That represents about 7.3% of Bank of America's market capitalization of $344.29 billion. The stock, which is on track to open at the highest price seen since May 2008, has rallied 20.8% over the past three months through Wednesday, while the S&P 500 has gained 9.5%.
8:26 a.m. April 9, 2021 - By Michael Ashbaugh
Charting a Farewell Focus: 10-year yield asserts the range, Semiconductor sector presses record highs, TNX, SMH, KLAC, ROST, FOUR, ZENThis is the final edition of The Technical Indicator on MarketWatch. As its founder, and continuous editor since 2003, it has been a blast publishing for engaged and knowledgable readers for nearly 18 years.
8:12 a.m. April 8, 2021 - By Michael Ashbaugh
Bullish momentum persists: S&P 500 (slightly) extends April breakout Focus: Communications services sector tags record highs, Apple’s stealth trendline breakout, XLC, AAPL, IBM, ON, NUANU.S. stocks are mixed early Thursday, vacillating ahead of scheduled remarks from the Federal Reserve Chairman. Against this backdrop, the S&P 500 has tagged its latest record high, though narrowly, while the Nasdaq Composite has extended an already-aggressive trendline breakout.
8:55 a.m. April 6, 2021 - By Michael Ashbaugh
Charting a bullish technical tilt, S&P 500 extends break atop 4,000 mark Focus: Consumer staples sustain break to record territory, XLP, VMW, ADSK, LUV, DLTRTechnically speaking, the major U.S. benchmarks have taken flight to start April, rising amid statistically unusual bullish momentum, writes Michael Ashbaugh.
8:33 a.m. April 6, 2021 - By Michael Ashbaugh
Charting a bullish technical tilt, S&P 500 extends break atop 4,000 mark Focus: Consumer staples sustain break to record territory, XLP, VMW, ADSK, LUV, DLTR Technically speaking, the major U.S. benchmarks have taken flight to start April, rising amid statistically unusual bullish momentum. In the process, the S&P 500 and Dow Jones Industrial Average have knifed to record highs, while the Nasdaq Composite has staged a potentially consequential trendline breakout.
8:02 a.m. April 1, 2021 - By Michael Ashbaugh
Charting a bullish Q2 start, S&P 500 tags the 4,000 mark Focus: Semiconductor sector reclaims key resistance, SMH, LRCX, NTAP, MSI, NOVAU.S. stocks are firmly higher early Thursday, rising amid a largely bullish April start. Against this backdrop, the S&P 500 has ventured atop the 4,000 mark for the first time on record, as the Nasdaq Composite vies to simply reclaim its 50-day moving average, currently 13,427.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
8:43 a.m. March 30, 2021 - By Michael Ashbaugh
Charting the S&P 500’s approach of the 4,000 mark Focus: Basic materials stage bull-flag breakout, Boeing digests rally to 52-week highs, XLB, BA, TGT, FFIV, TXTechnically speaking, the S&P 500 has sustained a reversal from major support, rising to challenge record highs, and within striking distance of the marquee 4,000 mark, writes Michael Ashbaugh.
8:15 a.m. March 30, 2021 - By Michael Ashbaugh
Charting the S&P 500’s approach of the 4,000 mark Focus: Basic materials stage bull-flag breakout, Boeing digests rally to 52-week highs, XLB, BA, TGT, FFIV, TXTechnically speaking, the U.S. benchmarks’ bigger-picture backdrop remains bullish, on balance, though the prevailing market technicals are not one-size-fits-all. Amid the cross currents, the S&P 500 has sustained a bullish reversal from major support, rising to challenge record highs, and within striking distance of the marquee 4,000 mark.
2:29 p.m. March 29, 2021 - By Quentin Fottrell
Millions of Americans live paycheck to paycheck Roughly half of Americans say they have saved less than $500 in the past 3 monthsRoughly half of Americans say they have saved less than $500 in the past 3 months.
8:26 a.m. March 29, 2021 - By Michael Ashbaugh
Charting market cross currents: S&P 500 pulls in from record close Focus: Consumer staples and real estate sectors break out, XLP, IYR, TXN, NXPI, KOU.S. stocks are lower early Monday, pressured partly amid concerns that a hedge fund’s forced liquidation may have adverse ripple effects. Against this backdrop, the S&P 500 and Dow industrials have pulled in from their latest record close, even as the Nasdaq Composite vies to simply maintain major support matching the 2020 peak (12,973).
8:30 a.m. March 26, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 extends rally from 50-day average Focus: Crude oil weathers key technical test, Dow 30 component Home Depot takes flight, USO, HD, AMAT, FNKO, RACEU.S. stocks are higher early Friday, rising after a market-friendly batch of economic data. Against this backdrop, the S&P 500 has extended a rally from its 50-day moving average, while the Nasdaq Composite seems to have narrowly survived a retest of key support matching the 2020 peak.
8:19 a.m. March 25, 2021 - By Michael Ashbaugh
S&P 500 whipsaws at 50-day average, Nasdaq ventures under key support Focus: March currency cross currents persist, Consumer staples break out amid weakness elsewhere, UUP, FXE, XLP, PG, CSCO, STLD U.S. stocks are lower early Thursday — though well off the session’s worst levels — pressured amid a persistently jagged late-month downturn. Against this backdrop, the S&P 500 has whipsawed at its 50-day moving average, currently 3,870, while the Nasdaq Composite has ventured under important support matching the 2020 peak (12,973).
11:15 a.m. March 12, 2021 - By Mark Hulbert
The threat retirees face from higher inflation Inflation expectations have risen over the last couple of monthsInflation expectations have risen over the last couple of months
8:19 a.m. March 10, 2021 - By Michael Ashbaugh
Charting bullish follow-through: Nasdaq reclaims the breakdown point Focus: Homebuilders challenge record highs, XHB, LUV, CENX, PKG, MXU.S. stocks are higher early Wednesday, rising after a relatively tame reading on consumer price inflation eased concerns regarding a potentially overheating economy. Against this backdrop, the Dow Jones Industrial Average has tagged its latest all-time high, while perhaps more importantly (from a technical standpoint), the Nasdaq Composite has extended a rally atop key resistance.
5:34 a.m. March 10, 2021 - By Mark DeCambre
Dow jumps over 200 points to trade in record territory above 32,000 Wednesday morning after inflation reportU.S. stock benchmarks rose solidly higher Wednesday morning after a report on inflation showed modest rises that matched economist expectations, and bond yields slipped slightly. The U.S. February consumer price index showed inflation rising modestly, in line with expectations. Inflation rose 0.4% for the month, but with food and energy stripped out, the gain was 0.1%. Headline CPI picked up to 1.7% from 1.4% on an annual basis while the core 12-month increase dipped to 1.3% from 1.4%. The 10-year Treasury note yield rose slightly to 1.54%. The Dow Jones Industrial Average was trading 240 points, or 0.8%, at 32,071, the S&P 500 index was trading 0.7% to a psychologically significant level above 3,900, while the Nasdaq Composite Index was trading 1.2% higher at 13,245. In corporate news, General Electric Co. were in focus after it agreed to combine its aircraft-leasing business with Ireland's AerCap Holdings NV as part a deal valued at more than $30 billion. Also Roblox Corp. received a reference price of $45 a share from the New York Stock Exchange late Tuesday as the tween-centric game platform prepares to go public through a direct listing on Wednesday.
8:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
8:08 a.m. March 3, 2021 - By Michael Ashbaugh
Market divergence persists, Nasdaq whipsaws at 50-day average Focus: Materials sector approaches record highs, XLB, AA, HES, SATS, BZHU.S. stocks are mixed early Wednesday, vacillating after a mixed batch of economic data. Against this backdrop, the major U.S. benchmarks remain in divergence mode, as the Nasdaq Composite continues to underperform amid relative strength elsewhere.
8:50 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots, writes Michael Ashbaugh.
8:29 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots. Against this backdrop, the S&P 500 has knifed from its 50-day moving average — registering its biggest daily gain since June — to punctuate a second consecutive late-month retest.
8:15 a.m. Feb. 26, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 holds 50-day average (again) Focus: 10-year yield takes flight, Charting a largely bullish sub-sector backdrop, Apple, Facebook and Amazon test key thresholds, TNX, IYT, XLF, QQQ, XLE, XLI, AAPL, FB, AMZNU.S. stocks are mixed early Friday, vacillating as a late-month market whipsaw persists. Against this backdrop, the major U.S. benchmarks remain in divergence mode — amid uneven price action — though the bigger-picture technical backdrop remains bullish, on balance.
8:10 a.m. Feb. 25, 2021 - By Michael Ashbaugh
Charting market cross currents: Late-month divergence persists Focus: 10-year yield matches S&P 500’s dividend yield, Financials take flight, TNX, XLF, F, ETN, ZG, HDU.S. stocks are lower early Thursday, pressured as persistently surging U.S. Treasury yields present a market headwind. Against this backdrop, the major U.S. benchmarks have largely weathered the recent market whipsaw, though amid increasingly uneven price action.
5:34 a.m. Feb. 25, 2021 - By Emily Bary
Square stock rises after Guggenheim upgradeShares of Square Inc. are up 2.4% in morning trading Thursday after Guggenheim Securities analyst Jeff Cantwell upgraded the stock to buy from neutral, writing that the stock looks attractive after a 11.5% decline in the previous two trading sessions. Cantwell views that fall for the stock as "largely a near-term, momentum-driven negative reaction to this week's decline in the price of Bitcoin," as Square has invested in the cryptocurrency and allows Cash App users to buy and sell it as well through the platform. "[W]e believe Bitcoin is still in the early stages of a significant move higher (which should be positive for Cash App and positive for SQ's balance sheet)," Cantwell wrote. He's upbeat about other areas of Square's business as well, arguing that the seller business should continue to recover and that Square will likely see progress as it tries to bring its consumer and merchant ecosystems together more. Square shares have gained 14% over the past three months as the S&P 500 has risen 8%.
8:14 a.m. Feb. 24, 2021 - By Michael Ashbaugh
Charting market rotation: S&P 500 maintains the breakout point Focus: Nasdaq 100 holds 50-day average, Industrials tag record highs, Airlines take flight, QQQ, XLI, JETS, UAL, ORCL, WIXU.S. stocks are higher early Wednesday, rising in the wake of a pronounced market whipsaw. Against this backdrop, the S&P 500 and Dow industrials have maintained major support, rising amid rotational, and still largely bullish, late-month price action.
8:40 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven price action, writes Michael Ashbaugh.
8:10 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven late-month price action.
8:17 a.m. Feb. 22, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500 traverses the range Focus: Japan sustains February break to record territory, EWJ, NTAP, SCCO, ODFL, KSSU.S. stocks are mixed early Monday, vacillating as tech stocks turn lower, pressured at least partly amid recently surging Treasury yields. Against this backdrop, the S&P 500 and Dow industrials have maintained bullish holding patterns, asserting trading ranges underpinned by familiar support.
8:03 a.m. Feb. 19, 2021 - By Michael Ashbaugh
Charting successful technical tests, U.S. benchmarks nail first support Focus: Biotech sector pulls in toward key support, Charting Apple’s bull-bear debate, XBI, AAPL, STX, GOOS, WMTU.S. stocks are higher early Friday, rising amid optimism over stimulus-package prospects. Against this backdrop, each big three U.S. benchmark has registered a bullish reversal from well-defined support. The S&P 500 has nailed its range bottom (3,885) while the Nasdaq Composite and Dow industrials have rallied from their breakout points.
8:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
8:26 a.m. Feb. 17, 2021 - By Michael Ashbaugh
Charting market cross currents, S&P 500 pulls in to the range Cross currents across asset classes surface amid surging Treasury yields, TNX, USO, GLD, FXY, UUP, XLF, KREU.S. stocks are lower early Wednesday, pressured as the latest economic data fuel the debate regarding potential pending inflation. Against this backdrop, each big three U.S. benchmark has reversed from Tuesday’s record high, pulling in to its former range amid largely garden-variety selling pressure.
8:36 a.m. Feb. 16, 2021 - By Michael Ashbaugh
Charting bull-flag breakout attempts: S&P 500, Nasdaq tag record territory Focus: Financials and transports stage tandem breakout attempt, XLF, IYT, ADI, IPHI, BLDR, LYFTTechnically speaking, the major U.S. benchmarks continue to trend higher, rising amid a still broadly constructive 2021 start, writes Michael Ashbaugh.
8:10 a.m. Feb. 16, 2021 - By Michael Ashbaugh
Charting bull-flag breakout attempts: S&P 500, Nasdaq tag record territory Focus: Financials and transports stage tandem breakout attempt, XLF, IYT, ADI, IPHI, BLDR, LYFTTechnically speaking, the major U.S. benchmarks continue to trend higher, rising amid a still broadly constructive 2021 start.
2:23 a.m. Feb. 16, 2021 - By Tomi Kilgore
Shopify's stock rallies into record territory after Susquehanna analyst boosts price target by 37%Shares of Shopify Inc. climbed 0.9% in premarket trading Tuesday, putting them on track to open in record territory, after Susquehanna analyst John Coffey raised his price target by 37% ahead of the ecommerce platform company's fourth-quarter report, citing optimism over the payments business. Coffey boosted his price target to $1,300 from $950, while keeping his rating at neutral. His new target is still 11% below Friday's closing price of $1,455.49. "Our thesis on [Shopify] is it is quickly becoming a payments company that does software -- versus its earlier existence as a software company that did payments," Coffey wrote in a note to clients. "We believe , which allows Shop Pay ([Shopify's] consumer-facing, PayPal-like wallet) to be used on the checkout pages of Facebook and Instagram, furthers this narrative." Shopify is scheduled to report earnings before Wednesday's open. The stock, which is headed for an open above the Feb. 11 record close of $1,463.31, has fun up 58.3% over the past three months through Friday, while the S&P 500 has advanced 8.5%.
8:00 a.m. Feb. 12, 2021 - By Michael Ashbaugh
Charting a bull flag, S&P 500 asserts the range near record highs Focus: Semiconductor sector takes flight amid Intel’s improving technical backdrop, SMH, INTC, KLAC, PINS, CALXU.S. stocks are mixed early Friday, largely treading water ahead of a three-day weekend. Against this backdrop, each big three U.S. benchmark has asserted a flag pattern, an orderly four-session range near record highs.
8:14 a.m. Feb. 5, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout, S&P 500 edges to all-time high Focus: 30-year yield approaches marquee 2.0% mark, TYX, CSCO, BLDP, KEY, DDOGU.S. stocks are higher early Friday, rising despite a soft monthly U.S. jobs report. Against this backdrop, the S&P 500 and Nasdaq Composite have extended modest breakouts — tagging all-time highs — while the recently lagging Dow Jones Industrial Average vies to register its latest record close.
8:08 a.m. Feb. 4, 2021 - By Michael Ashbaugh
Charting bullish follow-through: S&P 500, Nasdaq challenge record closes Focus: Crude oil extends February breakout, Alphabet’s earnings-fueled spike, USO, GOOGL, APPN, GOGO, FANGU.S. stocks are higher early Wednesday, rising as the major benchmarks build on a strong February start. In the process, the S&P 500 and Nasdaq Composite have challenged their respective record closes — S&P 3,855 and Nasdaq 13,636 — as they vie to register their latest records. Both benchmarks have extended a bullish reversal from relatively well-defined support.
8:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
8:36 a.m. Feb. 2, 2021 - By Michael Ashbaugh
Charting a bullish February start: S&P 500 spikes from major support Focus: Biotechs challenge all-time highs, Regional banks sustain decisive breakout, XBI, KRE, TDOC, EXP, TOLTechnically speaking, the U.S. benchmarks are off to a strong February start, rising in the wake of the most aggressive market downturn in about three months, writes Michael Ashbaugh.
8:07 a.m. Feb. 2, 2021 - By Michael Ashbaugh
Charting a bullish February start: S&P 500 spikes from major support Focus: Biotechs challenge all-time highs, Regional banks sustain decisive breakout, XBI, KRE, TDOC, EXP, TOLTechnically speaking, the U.S. benchmarks are off to a strong February start, rising in the wake of the most aggressive market downturn in about three months. Against this backdrop, each big three benchmark has extended a reversal from major support, rallies preserving a bullish intermediate-term bias.
8:11 a.m. Jan. 29, 2021 - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 stalls at the breakdown point Focus: Semiconductor sector tests key trendline, Microsoft sustains earnings-fueled breakout, SMH, MSFT, COF, APTV, NTAPU.S. stocks are firmly lower early Friday, pressured to conclude previously constructive January price action. Against this backdrop, each big three benchmark has pulled in to this week’s second test of notable support. The response to each area, and Friday’s monthly close, will likely add color.
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