Yesterday was another strong session for the stock market, which continues to underscore one of the oldest axioms on Wall Street: success begets success. (I think it applies to all facets of life, not just the stock market.) It’s working even more this year, because so many brilliant professional investors missed the rally and must play catch-up.
There is a good shot to see the S&P 500 eclipse the 2013 29.6% gain; perhaps, the 31.0% gain in 1997 is a bridge too far.
The Message of the Market
There were balanced gains across most sectors with Netflix (NFLX) sparking Communication Services.
Symbol | Sector | Last | Change | % Change |
|---|---|---|---|---|
XLC | Communication Services | 53.88 | +0.49 | +0.92 |
XLY | Consumer Discretionary | 124.77 | +0.39 | +0.31 |
XLP | Consumer Staples | 63.14 | +0.34 | +0.54 |
XLE | Energy | 61.37 | -0.02 | -0.03 |
XLF | Financials | 30.80 | -0.01 | -0.03 |
XLV | Health Care | 102.40 | +0.40 | +0.39 |
XLI | Industrials | 81.47 | +0.22 | +0.27 |
XLB | Materials | 60.92 | +0.21 | +0.35 |
XLRE | Real Estate | 38.36 | +0.36 | +0.95 |
XLK | Technology | 90.72 | +0.65 | +0.72 |
XLU | Utilities | 64.65 | +0.02 | +0.03 |
Biggest Winners
- (CAG) Conagra Brands +15.87%
- (NFLX) Netflix +3.56%
- (ECL) Ecolab +3.28%
- (AMT) American Tower +2.87%
- (MU) Micron Technology +2.81%
- (MYL) Mylan Pharmaceuticals +2.70%
- (WDS) Western Digital Corp. +2.69%
- (CSCO) Cisco Systems Inc. +2.66%
- (NOV) National Oilwell +2.66%
- (NVDA) NVIDIA Corporation +2.59%
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Portfolio Approach
Today’s Session
The markets are set for another higher open. The latest third quarter GDP estimates were in line. Real GDP was up 2.1% and the GDP Price Deflator rose 1.88%. There was nothing unexpected in the report, and GDP is in a Goldilocks place. Personal consumption continues to rise, up to 3.2% from the second quarter estimate of 2.9%.
- Gross private domestic investment down 1.0%
- Government spending up 1.7%
- Exports up 1.0%
- Imports up 1.8%
At 10 am ET, we will get a read on the health of the U.S. consumer with personal income and spending.
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