During trading Thursday, 47 stocks traded to a 52-week high, while 17 stocks bottomed out at new 52-week lows. The S&P 500 is up 0.09% so far today while the Dow is down 0.2%, the Nasdaq is up 0.15%, and the Russell 2000 is up 0.39%.
Stocks are higher Thursday afternoon as investors continue to digest the Fed meeting minutes, which signaled further sharp rate hikes.
Existing Home Sales came in lower than expected at an annualized rate of 4.81 million homes as higher mortgage rates continue to eat away at home buying demand. Further, prices remain elevated with the median existing home notching a record high $403,800 while the median single-family home hit $410,600.
Weekly jobless claims came in lower than expected at 250,000 claims. Claims were expected to rise to 266,000 from last week's downwardly revised reading of 252,000 claims. Initial claims continue to be well below recession levels continue to support the narrative for the Fed's aggressive rate-hike route.
Cisco Systems Inc (CSCO) is up 5.77% after the company topped earnings and revenue estimates, while offering upside first quarter and full-year 2023 guidance. Boosting sentiment around Cisco's report were comments on the call that suggested an easing supply chain.
Lastly, Kohl's Corporation (KSS) is down 7.33% after a weak earnings report. Kohl's missed earnings and slashed its full-year 2023 outlook as its operating margins declined to 3.5%.
Sector Highlights
Technology stocks dominated our list of highs today with 10 out of the 47 total stocks that reached their high coming from the Technology sector. The Technology sector is outperforming the market, increasing 0.48% so far on the day. Over the last month, the Technology sector has outperformed the market, increasing 13.29% while the S&P increased 10.64%.
Technology: AZPN, BDC, BHE, CSIQ, CTS, EXLS, ON, QLYS, SANM, SWCH
Industrials had the second-largest presence on our 52-week highs, with 8 out of 47 highs coming from the Industrials sector. The Industrials sector is outperforming the market today, increasing 0.1% so far on the day. Over the last month, the Industrials sector has outperformed the market, increasing 14.68% while the S&P increased 10.64%.
Industrials: ASC, BAH, CBZ, DY, HUBB, NSSC, RSG, WM
The Lists
The following stocks traded to 52-week highs:
ADMA, AEP, AJG, ASC, AZPN, BAH, BCOR, BDC, BHE, BJ, CBZ, CEIX, CHNG, CLMT, CSIQ, CTS, CWEN, DY, ED, ELF, EXLS, GLPI, GPC, HRB, HUBB, INSW, LNG, LPLA, LTC, MUSA, NHI, NSSC, NWBI, OGE, ON, OTTR, OXM, PBFX, PGR, QLYS, RSG, SANM, SO, SWCH, TNP, WM, XEL
The following stocks traded to 52-week lows:
AVTR, CGEN, EB, ELAN, FSP, GCI, HALL, HZNP, ILPT, MUX, NEOG, ORGO, QTNT, QUOT, RNG, TNDM, TRUE
