The stock markets in the United States particularly the Dow Jones Industrial Average (DJIA) and the S&P 500 slightly declined despite housing market data exceeded the estimates of economists that offset a lower-than expected manufacturing data. The NASDAQ ended the trading session higher today.
The National Association of Realtors reported that the pending home sales index increased 6.1%, the highest gain since April 2010. Economist surveyed by Bloomberg predicted a 1.5% increase. On the other hand, the Chicago ISM manufacturing index declined from 65.5% to 62.6%. Economist had a median forecast of 63%.
Bill Schultz, chief investment officer at McQueen, Ball & Associates commented that investors bullishness in the stock markets depends on economic data. “We’ve come a long way. I think right now the data will have to dictate how aggressive people get in adding to their positions. You’ve got people off this week and the end of the quarter today. I don’t think anyone wants to ruffle any feathers here.”
Top value fund managers are ready for the small cap bear market to be done
During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More
- Dow Jones Industrial Average (DJIA)- 16,826.60 (-0.15%)
- S&P 500- 1,960.23 (-0.04%)
- NASDAQ- 4,408.18 (+0.43%)
- Russell 2000- 1,192.96 (+0.29%)
- EURO STOXX 50 Price EUR- 3,228.24 (-0.01%)
- FTSE 100 Index- 6,743.94 (-0.20%)
- Deutsche Borse AG German Stock Index DAX- 9,833.07 (+0.18%)
- Nikkei 225- 15,162.10 (+0.44%)
- Hong Kong Hang Seng Index- 23,190.72 (-0.13%)
- Shanghai Shenzhen CSI 300 Index- 2,165.12 (+0.69%)
Stocks in Focus
The stock price of GoPro Inc (NASDAQ:GPRO) reached another 13.39% to $40.55 per share today—its third day of trading. The maker of the most versatile action camera offered its stock at $24 per share during its initial public offering. The fortune of its founder and CEO Nick Woodman is now more than $2 billion, according to the estimate of Forbes. Charlie Anderson, an analyst at Dougherty & Co said GoPro is “obviously trading on euphoria, but he emphasized that he was still a fan of the stock.
The shares of MannKind Corporation (NASDAQ:MNKD) surged 9.6% to $10.96 per share after the company announced that the U.S. Food & Drug Administration approved Affrezza, a rapid-acting inhaled insulin for the treatment of diabetes. In a statement, MannKind CEO Alfred Mann said, Approval of Afrezza is an important milestone for MannKind, as today’s FDA action validates the years of clinical research and commitment that powered the development of this unique therapy
GW Pharmaceuticals PLC-ADR (NASDAQ:GWPH) gained 11.60% to $107.29 per share after Piper Jaffray raised it price target for the stock from $97 to $147 per share.