Market Review 8-6

Market Review 8-6

Wall Street’s biggest bull sees the S&P 500 at records by year’s end. Here’s how it gets there


By Keris Lahiff | @kerisalison


Earnings should continue to leap this year, according to Tony Dwyer, (chief market strategist at Canaccord Genuity) calculations. He revised fiscal 2018 S&P 500 operating earnings forecasts to $160 a share from $155 a share in a note released Tuesday.


After a 25 percent increase in first-quarter S&P 500 profits, analysts surveyed by FactSet expect full-year growth of 20.7 percent. Profit expansion of that size puts the average S&P 500 earnings estimate at $160.11 a share.


Dwyer expects profit growth to have a big impact on stock growth this year. He upped his full-year S&P 500 price target to 3,200 from 3,100 based on a multiple assumption of 20 times forward earnings. That target is the highest on the Street. The second-highest is UBS at 3,150.




Gold Prices Pressured Lower, Crude Oil May Fall Before G7 Summit


By Ilya Spivak


  • Gold prices pressured lower, fundamental cross-currents stall progress
  • Crude oil prices fall on Venezuela output prospects, EIA inventory data
  • De-risking ahead of G7 summit may hurt crude oil as gold treads water




The upcoming G7 leaders’ summit is likely to dominate the spotlight from here. A lull in big-ticket scheduled event risk will give investors space to consider what might happen if the bellicose posture on trade negotiations adopted by US President Trump will produce settlement or escalation.


Worries about the latter might translate into preemptive de-risking that hurt crude oil alongside share prices. Gold may might remain stuck however as current trading patterns reverse while leaving the same underlying conflict firmly in place.



Euro at Risk of Profit-Taking as End of Asset-Purchase Program Nears


By Martin Essex, MSTA


The European Central Bank’s Governing Council now seems certain to discuss ending its asset-purchase program when the committee that sets monetary policy for the Eurozone meets next Thursday. However, that does not mean that the Euro’s recent rally will necessarily continue.



Alibaba: Can This Rally Be Sustained?


By Seeking Alpha


  • Alibaba is now reaching new highs. It made a record high of $211.70 during yesterday’s trading session.
  • Chart indicators like On Balance Volume have apparently signaled an eventual share price increase in Alibaba before this current rally.
  • The negative narrative surrounding Alibaba is largely unfounded.
  • Analysts have revised their price targets on Alibaba upwards.



Tesla shares clinch best day since November 2015 after Elon Musk’s comments at shareholder meeting


By Michael Sheetz | @thesheetztweetz


  • Tesla reveals it is nearing its Model 3 weekly production goal of 5,000 vehicles per week.
  • The company also announces plans to build its first factory outside of the U.S. — in Shanghai.
  • Shareholders at Tesla’s annual meeting backed Elon Musk as chairman and CEO.


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