The major indexes fluctuated Tuesday as investors digested several key earnings reports.
Retail giant Walmart beat on both earnings and revenue estimates, reaffirming its forecast for the second half of the year and sending shares up about 4.5% in premarket trading.
Investors were keen to learn how Walmart would perform following its profit warning last month. The company grappled with issues like consumers’ changing spending habits and a glut of excess inventory.
Home improvement retailer Home Depot also beat estimates on both earnings and revenue. Despite the beats, customer transactions fell from $481 million in the same quarter the previous year to $467 million for the quarter, and the stock slipped 1.5% premarket.
Senior Strategist Roger Scott and I just filmed the latest episode of The Big Picture With Jeff & Roger, and we both agree on something…
Energy stocks are about to explode higher again.
The stock market leads the real economy by about six months. And if you look at the past six months, we’ve done a complete 180 in the past month, from super bearish to super bullish.
The economy is just now catching up to that bearish move as the stock market is recovering. The odd part about it is it’s all happening in hyper real time, and the stock market moving back up has made people feel better on the whole.
I can’t tell you how many people I’ve talked to in the past few weeks are like…
“Phew, the coast is clear, we dodged a bullet, let’s go… Let’s take a trip, let’s go out to a big dinner.”
And the Federal Reserve knows this, and that’s why it can’t stop tightening — and it will tighten by $95 billion in September. That’s an unprecedented amount of tightening. So that brings us to the stocks I see exploding higher again: energy stocks.
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