The Financials sector continues to lead today’s market. With positive jobless claims numbers and increased spending over the summer, these stocks look to continue their momentum. I’ve identified three strong plays to trade a leading market sector — and more in today’s stock market recap.
In today’s stock market recap, global markets are trading mostly higher after Thursday’s gross domestic product report.
Durable goods orders and the GDP number came out on the lower end of the expected range. Jobless claims continue their downward trend with 406,000 claims. Today’s Personal Income report could show people just aren’t looking for jobs. Last month’s Personal Income and jobless claims grew worries that people were relying on boosted unemployment benefits instead of looking for jobs.
The Nasdaq has traded above its 50-day moving average for three days and the S&P 500 continues its upward trend. The Russell 2000 has been consolidating for two months and may pick up steam. It’s outperformed the S&P 500 in the past year and could break out after this choppy period.
There is a strong negative correlation between the Russell 2000 and the bond market. I expect the bond market to break lower while the Russell 2000 breaks higher.
Nothing has changed with the strongest sectors recently. Energy, Financials, Materials and Industrials continue to lead the market.
American International Group, Inc. (NYSE: AIG) is the global leader in the insurance and financial services industries. AIG operates in more than 130 countries and jurisdictions.
The stock has a one-year return of 67.28% and has been on an upward trend for the past eight months. I like the flatness of recent trading and it has a lot of upside to go. It’s currently trading at around $52 and it could reach $65 in the next quarter.
The other two financial plays I’ve identified are a Fortune 500 insurance company and a consumer bank with a one-year return of 194.46%.
In this video, I’ll go over why today’s Fed data could be crucial for the bond market… whether it’s safe to trade small caps again… which sector is making higher highs… and the top 3 stocks in the Financials sector that are prime for upside momentum.
Wall Street legend Chuck Hughes is about to share the secrets behind his Triple Threat strategy that grew a small $5,900 account into over $212,217 — in just two years!
Imagine having the opportunity to use one of three strategies to trade in each market environment. This means traders don’t have to worry about economic factors, market sentiment or direction.
I’m not talking about easy money when the markets are up… I’m talking about potentially making these types of gains even when it tanks or just moves sideways.
So don’t miss the chance to jump in and trade alongside Chuck as he aims to increase his portfolio by 500% this summer!
Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.