The markets started the week with a positive move which put the S&P 500 and Nasdaq at new record highs. The Dow 30, still playing catch up was able to add another 10 points but still has another 1.5% to match the other indices. The S&P 500 added 3 and the Nasdaq added 15.
Though there are many earnings on the schedule for tomorrow and this week, the focus will likely be focused on Apple (AAPL ) which reports tomorrow after the close. Analysts are expecting earnings to come in at $2.38 a share on revenue pushing $57.5 billion. Apple has a strong track record of beating on earnings (77% of the time historically) having only missed expectations once in the last 5 years (Q1 2016)
Sector News
Banks were higher today after spending most of last week consolidating at highs. Today's move puts the large banks at highs of the year and regional banks not too far behind. Regional banks have the 200 day moving average as well as price resistance ahead to deal with.
Utilities sold off today after a rally attempt last week. Though the sector remains near highs investors have taken note of the recent valuations of the sector becoming above average. While this is not unusual, a historical review shows that the sector tends to pullback during above average valuations.
Stock News
Tesla (TSLA ) shares were higher today after their waterfall drop last week following earnings. Shares got a small boost today from news that the SEC and Elon Musk have settled their dispute ahead of the court hearing where the Federal Judge would decide if the CEO should be held in contempt for his tweets.
Restaurant Brands International (QSR ) shares were lower today as the company reported earnings that missed by 3 cents. The report showed sales at it's Tim Hortons brand were slower for the quarter, coming in at 0.6% versus Wall Street's expectations of a 2% increase in sales.
Disney (DIS ) made headlines as it's Avengers: Endgame release made records at the box office. This prompted an upgrade by JP Morgan which raised it's price target to $150 from $137. The analysts at JP Morgan cited continued operational excellence with many great catalysts ahead.
