The major indexes are down as Wall Street digests hawkish Federal Reserve rate comments and a slowdown in the housing market — and more in Friday’s stock market recap.
Home sales dropped almost 6% in July compared to June. Sales were also 20% lower year over year from the same month.
These numbers lead many to believe we’re entering a housing recession.
Meanwhile, activist investor Ryan Cohen’s fund RC Ventures sold its entire position in Bed Bath & Beyond Inc. (Nasdaq: BBBY), causing shares of the troubled retailer to tumble 44%.
In this morning’s stock market recap video, I’ll reveal the key sectors to pay attention to… why stocks are pulling back… whether tech is overdone and why… what momentum levels are telling us about consumer stocks… an earnings update and low-hanging fruit opportunities… plus how to prepare for next week’s trading action.
Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!
P.S. This Could Be My Biggest Prediction Yet
I’m going live at 1 p.m. EDT today, Friday, Aug. 19, to reveal my biggest prediction since I called the bottom of the COVID-19 crash!
Not only could this new trend affect you and your trading…
But the stars are aligning for a global crisis unlike anything the world has ever seen.
That’s why I’m holding an urgent session to cover…
- Why billionaires are piling into one little-known sector in preparation for what might be the worst crisis yet this coming winter.
- What experts are saying about a rare 20-year supercycle.
- And why parking your money in the S&P 500 over the next few months could cause you to miss out on what could be the most explosive trading opportunities.
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.
Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details.
Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
DOW (mini)
- Close: 33,999.04.
- Futures: 33,770.
- Change: -206.
S&P 500 (mini)
- Close: 4,283.74.
- Futures: 4,251.
- Change: -35.5.
NASDAQ (mini)
- Close: 13,505.99.
- Futures: 13,380.75.
- Change: -144.75.
RUSSELL (mini)
- Close: 2,000.73.
- Futures: 1,979.7.
- Change: -22.
Note: Updated as of 9:20 a.m. EDT
On Fridays, we’ll review the week that was… We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.
