RPM’s bullish earnings buoyed the materials sector

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RPM’s bullish earnings buoyed the materials sector
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Commenting on RPM International’s earnings and today’s trading Gorilla Trades strategist Ken Berman said:

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RPM International Inc.'s bullish earnings

RPM International Inc. (NYSE:RPM)'s bullish earnings report buoyed the materials sector, and the chemical manufacturer’s stock hit a new all-time high thanks to the firm’s surprisingly stable domestic sales.  In economic news, durable goods orders exceeded expectations, jumping higher by 7.3%, and even though core orders missed by a hair, overall, the report confirmed the strong rebound in manufacturing. U.S. stocks have been outperforming global risk assets today, as the dollar hit another multi-year low against several of its major peers, which could continue to boost the shares of the most export-focused firms.

Market Wrap

Dow: 26,519, + 49 or 0.2%

S&P 500: 3,224, + 8 or 0.2%

Nasdaq: 10,410, + 47 or 0.5%

Russell 2000: 1,471, + 3 or 0.2%

Market breadth has been relatively weak this morning, with advancing issues only outnumbering decliners by a 6-to-5 ratio on the NYSE at midday. Only 11 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 88 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. Besides the relatively strong tech stocks and materials, the key sectors are little changed at midday, with only utilities notably lagging the broader market. On a negative note, cyclical issues and financials, in particular, have been under pressure amid the continued COVID-related worries. Stay tuned!

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