Housing Stocks Lead the Way Ahead of Holiday Weekend
Today's financial recap and tomorrow's financial outlook.
The S&P 500 (INDEXSP:.INX) finished up 0.4% for a record close at 1,900.53 while the small-cap Russell 2000 (INDEXRUSSELL:RUT) outperformed with a 1.1% gain.
Housing stocks were on fire once again,with the iShares Dow Jones US Home Construction ETF (NYSEARCA:ITB) notching a 2.1% gain, ignited by positive economic data. April New Home Sales came in at 433,000, which was slightly ahead of the 425,000 consensus. March's number was revised up to 407,000 from 384,000.
Technology stocks also performed well, boosted by Hewlett-Packard's (NYSE:HPQ) 6.1% surge. The company reported in-line first-quarter earnings with weaker-than-expected revenues and guidance, but investors were encouraged by stabilization in its PC business and an expansion of its cost-cutting program.
Elsewhere in earnings, shares of video game retailer GameStop (NYSE:GME) rose 4.2% to $38.43 after reporting first-quarter earnings that were ahead of analysts' estimates.
Foot Locker (NYSE:FL) was up 1.6% after exceeding Wall Street's earnings and revenue forecasts.
Marvell Technology (NASDAQ:MRVL) was another earnings winner, trading up 1.9% on its impressive first-quarter earnings report.
Tesla Motors (NASDAQ:TSLA) gained 1.2% after an executive from Japanese electronics conglomerate Panasonic expressed interest in becoming the exclusive provider of lithium-ion battery cells for Tesla's new factory. The implication is that Tesla would extract favorable terms on a deal.
And finally, Russian stocks extended their recent rally as President Vladimir Putin said he would respect the results of Ukraine's presidential election, which is scheduled for Sunday. That may be a sign that the crisis is nearing its end. The Market Vector Russia ETF Trust (NYSEARCA:RSX) rose 1.3%.
Tuesday's Financial Outlook
The market action was pretty slow headed into the Memorial Day weekend, but there is a chance for overseas volatility related to the Ukraine elections.
For Tuesday, we have some market-moving economic reports on tap, with April Durable Goods, March Case-Shiller housing report, and May Consumer Confidence being released in the morning.
Earnings season is still winding down. The only major names reporting are AutoZone (NYSE:AZO) and Scotiabank (NYSE:BNS).
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter