Mid-Day Update: Positive ADP Jobs numbers sparks broad market rally
Markets are trying to hold onto gains for a second straight session after soaring on strong jobs data from ADP and improving jobless claims numbers, as both data points suggest the US economy could be exiting a recent soft patch. Private-sector jobs in the U.S. rose by 157,000 last month, according to giant Automatic Data Processing (ADP), while new claims for unemployment benefits dropped by 14,000 to a seasonally adjusted 418,000 in the week ended July 2. The decline was bigger than the 3,000 forecast by economists.
The news sent the SPDR S&P 500 ETF (NYSE:SPY), the US dollar and crude oil rallying to pre-market highs, before minor profit-taking at the open. Currently the SPDR S&P 500 ETF (NYSE:SPY) is up 1%, while the PowerShares QQQ Trust (NASDAQ:QQQ) has gained 1.25% on the session.
The Euro’s Demise Has Been Set in Motion: Are you protected?
"Nationalism will emerge. Healthier countries will not see fit to spend their hard earned money to bail out their less responsible neighbors."
CLICK HERE to get your Free E-Book, “Why It’s Curtains for the Euro”
Retail stocks via the SPDR S&P Retail ETF (NYSE:XRT) are providing leadership on the strength of same store sales numbers for what seems to be a broad market rally. Urban Outfitters (URBN) is up nearly 7% on a Morgan Stanley (NYSE:MS) upgrade, while Kohl’s (NYSE:KSS) and Target (NYSE:TGT) are both seeing gains over 6% on the session.
The semi stocks via the Semiconductors HOLDRs ETF (NYSE:SMH) as a group, are also leading the market with laggards Cree (NASDAQ:CREE) and KLA-Tencor (NASDAQ:KLAC), both up 5%, pacing the group. Western Digital (NYSE:WDC) up 2.5%, provided an early catalyst for semis after a pre-market JP Morgan Chase (NYSE:JPM) upgrade.
The usual suspects in technology remain strong with Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX) all up over a percent. Even the banks have provided a lift from the bottom, with Wells Fargo (NYSE:WFC), JP Morgan Chase (NYSE:JPM) and Citigroup (NYSE:C) all up over 2% on the day.
Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Investor’s Business Daily among other publications. Scott produces much of the media and content available to subscribers and followers. T3LIVE.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time.
*DISCLOSURE: Scott Redler is long LVS, SLV, DANG and short LULU
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
Most Comments