Tuesday, May 21, 2024
Major market indexes were nearly all in the green as of today's close. After a mixed start to the trading day, Monday's session ended mixed, but we attribute this to a relative lack of fresh, impactful market-based news. The blue-chip Dow rose +0.17% (still about 130 points from its recently reached closing high), while the S&P 500 and Nasdaq both hit new all-time closing highs at 5321 and 16.832, respectively. The -cap Russell 2000 lagged slightly behind at -0.20%.
Bitcoin has fallen back after a brief price move above 71,000, reaching -2.45% as of 4pm ET, but remains near all-time highs for the major cryptocurrency unit. His 2-year bond yield is positive static today and was +4.83% at the start of trading. As of the closing price, it was +4.83%. Meanwhile, the 10-year bond has fallen significantly from +4.42% this morning to +4.14% this afternoon. Ideally, you want both of these heads down. But it's nice to see it drop nearly 30 basis points (bps) in 10 years.
After today's close of trading, luxury home manufacturers toll brothers TOL reported earnings. His final earnings for the second quarter were $4.55 per share, comfortably beating the Zacks Consensus of $4.13 for him and well above the year-ago quarter's consensus of $2.85 for him. The company reported total home sales for the quarter of $2.65 billion, well above the expected $2.52 billion. A slight upward revision to the current quarter's outlook and an increase in the full-year delivery outlook pushed the stock up an additional 1% in late trading. The stock is up +29% since the beginning of the year.
urban outfitters URBN also beat expectations in both sales and bottom line. First-quarter earnings per share were 69 cents, beating the Zacks Consensus by 20 cents, and revenue exceeded estimates of $1.17 billion by $1.2 billion, which itself was up 5% year-over-year. ). Same-store sales for Free People and Anthropologie exceeded expectations, but flagship store performance was slightly below expectations. The stock price rose more than 7% in late trading on the news, adding to the stock's +15.6% gain since the beginning of the year.
More companies will announce their earnings results ahead of the start of trading tomorrow. These include retailers with a Zacks Rank #3 (Hold) and a Style-Score-A. the goal TGT and TJX companies T.J.X. Both stocks had weak price movements on the day, and have lagged the S&P in terms of year-to-date growth. Obviously, tomorrow's big kahuna comes after the bell when graphics chips get huge. Nvidia NVDA reports first quarter earnings. Big things are expected. NVIDIA has a strong track record of exceeding even the harshest expectations. We'll see if CEO Jensen Huang's company can stay afloat.
Have questions or comments about this article or the author? Click here>>
Want the latest recommendations from Zacks Investment Research? Today you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Target company (TGT): Free stock price analysis report
The TJX Companies, Inc. (TJX): Free Stock Analysis Report
NVIDIA Corporation (NVDA): Free stock analysis report
Urban Outfitters, Inc. (URBN): Free Stock Analysis Report
Toll Brothers, Ltd. (TOL): Free Stock Price Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
