How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.9% or 311.75 points to close at 34,314.67. Notably, 26 components of the 30-stock index ended in the green while 4 in red. The tech-heavy Nasdaq Composite finished at 14,433.83, climbing 1.3% or 178.35 points due to strong performance by large-cap technology stocks.
Broad-Based Rally
Yesterday’s stock market rally was broad-based. Technology behemoths like Apple Inc. ( AAPL Quick Quote AAPL - Free Report) and Alphabet Inc. ( GOOGL Quick Quote GOOGL - Free Report) gained 1.4% and 1.8% respectively. This happens despite the yield on the benchmark 10-Year U.S. Treasury Note rose 5 basis points to 1.528%.
Crude Oil Prices Surge
Oil prices rallied on Tuesday following the decision of the OPEC and Russia-led consortium that production will increase in measured steps, gradually each month, including 400,000 barrels a day increase in November.
U.S. Government Debt Ceiling Issue
President Joe Biden has warned that the U.S. government will face the risk of defaulting on its own debt unless the Congress raise the Federal borrowing limit by Oct. 18. Treasury Secretary Janet Yellen said this stalemate may lead to severe economic recession.
Economic Data
The Department of Commerce reported that the U.S. trade deficit climbed 4.2% to a record-high $73.3 billion in August. The consensus estimate was $70.5 billion. July’s data was revised downward from a deficit of $70.1 billion to $70.3 billion. Notably, inflation adjusted trade deficit in August increased $1.9 billion to $101.8 billion.
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Group 1 Automotive, Inc. Price and Consensus
Group 1 Automotive, Inc. price-consensus-chart | Group 1 Automotive, Inc. Quote
Group 1 Automotive, Inc. PEG Ratio (TTM)
ArcBest Corporation ( ARCB Quick Quote ARCB - Free Report) : This company that provides freight transportation and integrated logistics services carries a Zacks Rank #1, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.4% over the last 60 days.
ArcBest Corporation Price and Consensus
ArcBest Corp has a PEG ratio of 0.44, compared with 0.91 for the industry. The company possesses a Growth Score of A.
ArcBest Corporation PEG Ratio (TTM)
Signet Jewelers Limited ( SIG Quick Quote SIG - Free Report) : This company that engages in the retail sale of diamond jewelry, watches, and other products carries a Zacks Rank #1, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 32.3% over the last 60 days.
Signet Jewelers Limited Price and Consensus
Signet Jewelers has a PEG ratio of 1.20, compared with 2.06 for the industry. The company possesses a Growth Score of A.
Signet Jewelers Limited PEG Ratio (TTM)
Sonos, Inc. ( SONO Quick Quote SONO - Free Report) : This company that designs, develops, manufactures, and sells multi-room audio products carries a Zacks Rank #1, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 30.6% over the last 60 days.
Sonos, Inc. Price and Consensus
Sonos has a PEG ratio of 0.64, compared with 0.68 for the industry. The company possesses a Growth Score of B.
How Did The Benchmarks Perform?
Broad-Based Rally
- Yesterday’s stock market rally was broad-based. Technology behemoths like Apple Inc. (AAPL - Free Report) and Alphabet Inc. (GOOGL - Free Report) gained 1.4% and 1.8% respectively. This happens despite the yield on the benchmark 10-Year U.S. Treasury Note rose 5 basis points to 1.528%. However, higher market risk-free returns bode well with financial sector. Consequently, …
Crude Oil Prices Surge
- Oil prices rallied on Tuesday following the decision of the OPEC and Russia-led consortium that production will increase in measured steps, gradually each month, including 400,000 barrels a day increase in November. As a result, the price of the U.S. benchmark West Texas Intermediate rose 1.7% to $78.93, marking the highest since Oct 21, 2014, and the price of global benchmark the B…
U.S. Government Debt Ceiling Issue
- President Joe Biden has warned that the U.S. government will face the risk of defaulting on its own debt unless the Congress raise the Federal borrowing limit by Oct. 18. Treasury Secretary Janet Yellen said this stalemate may lead to severe economic recession. The Congressional Budget Office has already said that government most likely will run out of cash near the end of O…
Economic Data
- The Department of Commerce reported that the U.S. trade deficit climbed 4.2% to a record-high $73.3 billion in August. The consensus estimate was $70.5 billion. July’s data was revised downward from a deficit of $70.1 billion to $70.3 billion. Notably, inflation adjusted trade deficit in August increased $1.9 billion to $101.8 billion. Overall, imp...