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Markets: It was a flat week, even with the S&P 500, the Dow Jones 30, and the NASDAQ all hitting new all-time highs on Thursday, for the 1st time since 1999. The S&P’s 2016 P/E is now 18.5, above its historic avg. of around 15.
Dividend Stocks Update: These high dividend stocks go ex-dividend this coming week: Artsn Prtnr Asst (NYSE:APAM), Corenergy Infras (NYSE:CORR), Horizon Technology Finance (NASDAQ:HRZN), Main Street Capital Corporation (NYSE:MAIN), Cota Co Ltd (T:4923), Gladstone Investment Corporation (NASDAQ:GAIN), Gladstone Capital Corporation (NASDAQ:GLAD), Gladstone Commercial Corporation (NASDAQ:GOOD).
Volatility: The VIX fell -4% this week, finishing at $12.55.
Currency: The USD fell vs. most major currencies, except the Pound, as rate hike fears subsided again.
Market Breadth: 15 of the DOW 30 stocks rose this week, vs. 19 last week. 51% of the S&P 500 rose this week, vs. 51% last week.
US Economic News: Retail Sales (ex-Auto), disappointed in July, with negative growth – Macy’s Inc (NYSE:M) announced the closing of 100 stores. The 4-week avg. for jobless claims remains low, at 263K.
Week Ahead Highlights: Housing will be in the spotlight next week, with several Housing-related reports due out. We’ll also get a glimpse into the Fed’s thoughts, when the FOMC minutes from the last meeting are released on Wednesday. There will also be 4 Fed Board members delivering speeches next week, which may sway markets, in advance of the Fed’s annual Jackson Hole conference on Aug. 25th.
Several discount retailers, TJX Companies Inc (NYSE:TJX), Target Corporation (NYSE:TGT), Ross Stores Inc (NASDAQ:ROST), Wal-Mart Stores Inc (NYSE:WMT) , will report next week, in addition to other segments of the retail sector. Discounters’ stocks have been hitting all-time highs this year, with consumers favoring them over traditional department stores.
Sectors & Futures:
The Energy sector led this week, buoyed by rising Crude Oil prices, while Telecoms lagged.
Crude Oil surged this week, while Cotton lagged:
