Stocks back off from record highs
Stocks (^DJI, ^GSPC, ^IXIC) back off from record highs, as tech notches another big milestone this week. Plus, despite stocks being near all-time highs, one bullish indicator is still rising. We break it down. And, tech’s been on fire, and the shorts are getting burned. Is there any way to bet against this trade? Catch The Final Round at 4 p.m. with Jen Rogers, Yahoo Finance editor-in-chief Andy Serwer, markets correspondent Nicole Sinclair, and reporter Jared Blikre.
Winners and losers
Stocks in the red today include NCR Corp. as the retail tech solutions firm’s guidance disappointed investors, National Beverage as Credit Suisse downgraded the La Croix soda maker to Underperform citing valuation, and eBay — shares of the auction site dropping after it warned current quarter profit could take a hit due to product and marketing investments.
Stocks in the green today include Capital One as earnings and revenue topped estimates, Therapeutics MD as Deutsche initiated coverage for the drugmaker with a buy rating, and Plug Power — shares jumping for the hydrogen fuel systems company after increasing its partnership with Walmart, to expand use of this hydrogen fuel station and fuel cells at 30 additional Walmart stores.
Looking ahead
At 9:45 a.m. Eastern we’ll get Markit’s PMI flash reading for July. In the prior month the index showed expansion with a 53.0 reading.
At 10 a.m. Eastern the NAR releases existing home sales data for June. In the prior month sales were up 2.7% year over year.
And earnings season rolls on with reports from Halliburton, Hasbro, and Google parent Alphabet — which we’ll have for you after the bell.
