Programming Note: Sheraz Mian, the Director of Research here at Zacks, will be part of The Opening Bell on WGN Radio tomorrow morning at 5:38 am (CT). He'll be previewing the Q2 earnings season.
Stocks dropped sharply in the final minutes of trading on Monday, but the major indices still started a busy week on the plus side.
A contentious G7 summit over the weekend and the President’s upcoming meeting with North Korea’s Kim Jong-un didn’t have much of an impact today. Investors don’t expect any breakthroughs from the Singapore event that begins just a few hours from this writing.
The Fed meeting on Wednesday, though, could possibility be the biggest market mover this week. Everybody is expecting the second rate hike of the year, but the committee’s language will again take centerstage as the market tries to infer the likelihood of an extra hike later this year.
The NASDAQ finished Monday with a 0.19% advance to 7659.9 and the S&P rose 0.11% to 2782. While all three of the major indices experienced a late-day plunge, the Dow came closest to a negative session. However, it managed a 0.02% increase to 25,322.3.
"I think the market is beginning to realize what I’ve been saying all along. The trade war talk is posturing. It’s the art of the deal. You open strong, you relent and eventually get a much better deal than you originally had. I’m sure this is a gross oversimplification of the geopolitical landscape. Bottom line is, the VIX is telling me not to worry so I’m not going to worry,"said Dave Bartosiak, editor of Momentum Trader, Surprise Traderand Blockchain Innovators.
In the portfolios, Black Box Tradercashed in five profitable returns, including a couple of double-digit winners. It replaced those names with five new buys. Momentum Traderalso made a swap today, selling one name for a profit and buying a biopharma company that looks set for another leg higher. Check the highlights section below for specifics on these moves and more.
Today's Portfolio Highlights: