Apple $AAPL closed up 7.26% with its market cap increasing by ~$214 Billion today 🍏
Source: Evan
Goldman Sachs on the mixed impact of corporate stock splits
“Share prices typically rise after a firm announces a stock split. In theory, there is no change in the underlying value of a company when it splits its stock. However, empirically, the academic literature has generally found positive announcement effects around stock splits. We consider a sample of 46 Russell 1000 firms that completed stock splits since 2019. On average, these stocks generated a 4 pp excess return vs. the equal-weight S&P 500 in the week following stock split announcement. However, the stock price did not evidence a clear reaction after the stock split took effect. In addition, because many companies announce stock splits alongside earnings releases, it can be challenging to know how much of the stock rallies are due to the stock split as opposed to strong earnings results”. Source: Goldman Sachs
Goldman and Bank of America expect another bounce as July Communist Party meeting seen including more support measures.
Source: South China Morning Post
The SP500 closed the week at new all-time highs.
And a whopping 33 stocks on the NYSE closed at new highs. That's only 1.4% of stocks on the most important exchange in the world hitting new highs. Source: J.C. Parets @allstarcharts
S&P 500 continues to hit record highs on EXTREMELY low volume.
Today was the 4th lowest volume day of the year for $SPY. Three of this year's four lowest volume days have come in the last week. All 4 of the lowest volume days have come in the last 3 weeks. Source: Barchart
Small cap stocks are now down on the year while Large caps are still up 12.5%. $SPY $IWM
Source: Charlie Bilello
Below is an extract of a great chart pack by Topdown Charts / Callum Thomas
https://lnkd.in/eCV4GauM Over the long-run equal-weight has beat cap-weight, but there have been significant punctuations and cycles around that trend that echo important sector themes.
Reckless Trading
Source: WSJ
