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“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” – Sam Walton
US equity futures are trading down slightly ahead of the open after major indices finished yesterday solidly in the red.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
Also, make sure to check out our Daily Sector Snapshot.
Home Depot (HD) finished down 4.27% yesterday following its Q2 earnings report. As shown below, the move lower left the stock just a hair below its 50-day moving average. For now, a double top looks to be in place for HD, so the technicals will not turn positive again until new highs are made.
Home improvement competitor Lowe’s (LOW) actually fell more than Home Depot (HD) in reaction to HD’s weakness yesterday. LOW finished yesterday down 5.8%, pushing its share price below prior lows made in mid-June.
Investors who sold LOW yesterday on the weakness for HD are kicking themselves this morning, because LOW just reported its own earnings triple play by beating EPS estimates, beating sales estimates, and raising guidance. Pre-market, LOW shares are trading up 4%.
Want to see more charts and analysis ahead of today’s open? This morning we’re covering earnings reports from Target (TGT) and Lowe’s (LOW) and the recent negative action in restaurant stocks as COVID cases rise across the country. Start a two-week trial to Bespoke Premium and read today’s full Morning Lineup.