The major indexes moved higher, with the Dow and S&P 500 breaking out of their three-day losing streaks — and more in Thursday’s stock market recap.
The market was lifted in part due to promising gross domestic product data. GDP came in at -0.6%, better than consensus estimates of -0.9% and the previous quarter’s -0.9%.
Personal consumption was another bright spot in the report, coming in at 1.5% versus the previous quarter’s 1%. At a time when everyone is debating whether we’re in a recession or just dealing with high inflation, this number means that consumers are still spending, which is always a good sign for the economy.
Retail earnings reports continue to roll in, with discount retailers Dollar Tree Inc. (Nasdaq: DLTR) and Dollar General Corp. (NYSE: DG) reporting. Dollar Tree was in line with estimates, but cut its financial outlook for the year, sending shares down 8% in premarket trading.
Dollar General reported better-than-expected results, but was also pulled down by Dollar Tree’s announcement.
In this morning’s stock market recap video, I’ll reveal the biggest threat to stocks right now… an update on the GDP report and what it means for the market… an update on the jobs report and how it’s impacting stocks…my top sector and option… the earnings numbers coming out and which sector it impacts most… plus why I believe defensive stocks are going to rally once again.
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. STOP Listening to Wall Street — Seriously
Joy of the Trade’s Jeff Zananiri hates following the “rules.” Maybe that’s why he’s had such a successful trading career!
Jeff just released his newest way to trade, and once you see the premise of this strategy… you’re going to see why he loves going against the grain.
So bear with us for what we’re about to say…
Because Jeff says the key is doing exactly what Wall Street tells you NOT to do…
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.
Each Thursday, I’ll combine two of my favorite things into a big-money opportunity: options plays and ETFs. Using options, we can turn momentum analysis of a specific sector — or even an entire country’s stock market — into an actionable trade with double- or triple-digit upside potential. I’ll give you all the details you need to execute this plan.
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 firstname.lastname@example.org!
- 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.