On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into why the S&P 500 surged to a new high Monday, ahead of another possible interest rate cut. We then discuss tech earnings, including Google GOOGL and Apple AAPL, before we close with a look at why Burlington Stores, Inc. BURL is a Zacks Rank #1 (Strong Buy) right now.
The S&P 500 hit a record high Monday, for the first time in three months. The benchmark index is now up roughly 21% in 2019, but has cooled off over the last several months.
The climb comes ahead of another expected interest rate cut from the U.S. Federal Reserve. Therefore, Wall Street will be closely watching what Fed Chairman Jerome Powell says on Wednesday afternoon.
Investors are also more optimistic about the progress of the U.S.-China trade talks, with President Trump taking a positive tone Monday.
Meanwhile, earnings once again take center stage, with roughly 150 S&P 500 members set to report quarterly results this week, including an array of tech giants. Yesterday, shares of Google parent Alphabet GOOGL dipped after it posted lower-than-expected profit and other possibly worrisome results.
General Motors GM stock then climbed over 5% in morning trading Tuesday. Still, the automotive firm’s outlook appears rough after the recent strike.
More importantly, Apple reports its results after the closing bell Wednesday, as the iPhone giant sits at new highs. Facebook FB is also set to post its third-quarter financials tomorrow, roughly a week after Microsoft MSFT and Amazon AMZN.
Tuesday’s episode of Free Lunch then closes why discount retailer Burlington is a Zack Ranks #1 (Strong Buy) stock heading into the holiday shopping season.
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Amazon.com, Inc. (AMZN): Free Stock Analysis Report
Facebook, Inc. (FB): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
General Motors Company (GM): Free Stock Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
Microsoft Corporation (MSFT): Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report
Burlington Stores, Inc. (BURL): Free Stock Analysis Report
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