At 5,460, the S&P 500 ended the first half above every 2024 year-end price target from Wall Street strategists
We're 12% higher than average target price of 4,861. $SPX Source: Charlie Bilello
$SPY We are halfway through 2024.
Let's see the best 10 and worst 10 performers in the S&P 500 so far: The Best 10: 1. $SMCI - Supermicro - 188.2% 2. $NVDA - Nvidia - 149.5% 3. $VST - Vistra - 123.2% 4. $CEG - Constellation Energy - 71.3% 5. $LLY - Eli Lilly - 55.3% 6. $MU - Micron - 54.1% 7. $NRG - NRG Energy - 50.6% 8. $CRWD - Crowdstrike - 50.1% 9. $ANET - Arista Networks - 48.8% 10. $TRGP - Targa Resources - 48.2% The Worst 10: 1. $WBA - Walgreens Boots -53.7% 2. $LULU - Lululemon -41.6% 3. $INTC - Intel -38.4% 4. $EPAM - Epam Systems -36.7% 5. $WBD - Warner Bros Discovery -34.6% 6. $ALB - Albemarle -33.9% 7. $GL - Globe Life -32.4% 8. $MKTX - Marketaxess -31.5% 9. $PAYC - Paycom -30.8% 10. $NKE - Nike -30.6% Source: The Future Investors
That was another new all-time high quarterly close for both the S&P500 and Nasdaq100
That's now 3 in a row. Source: J.C. Parets @allstarcharts
BREAKING: Walgreens stock, $WBA, crashes nearly 25% after drugstore chain cuts profit guidance due to "challenging" consumer environment.
"We assumed the consumer would get somewhat stronger” but “that is not the case,” Walgreens CEO said. Walgreens cut their earnings per share outlook by 12.5% yesterday. The stock is now down 88% from its all time high and 55% in 2024. Another sign that consumers are struggling? Source: The Kobeissi Letter
US equity markets have never been more expensive than the rest of the world on a price to book basis.
Source: Tavi Costa, Bloomberg
Major divergence spotted:
The VIX has been trending higher since mid-May. But even the SP500 has been moving higher. This is an anomaly. Source: Game of Trades
Visualizing the incredible surge in tech stocks 📊
Markets & Mayhem 🤖
Yesterday the SP500 managed to rise on negative breadth.
It's now been five days in a row where price has gone in one direction and breadth has gone in the other. That ties the record streak from April 1999. Source: Bespoke
