Defense sector stock that’s turning investor heads
Sarge986 president Stephen Guilfoyle backs KTOS as market pick favorite.
U.S. stocks posted modest losses Tuesday morning as the S&P 500 closed in on its seventh straight monthly gain.
|I:DJI||DOW JONES AVERAGES||35358.66||-41.18||-0.12%|
|I:COMP||NASDAQ COMPOSITE INDEX||15233.090228||-32.80||-0.21%|
The Dow Jones Industrial Average fell 42 points or 0.12%. while the S&P 500 and Nasdaq Composite declined 0.14% and 0.47%, respectively.
All three of the major averages are set for gains in August ahead of the month’s final trading day. The Nasdaq was higher by 4.04% while the S&P 500 advanced 3.04% and the Dow gained 1.33%.
In economic news, the Case-Shiller home price index rose 19.1% in June its biggest gain on record. All 20 cities reported higher price increases in the year ending June 2021 versus the year ending May 2021 with Phoenix leading the way with a 29.3% year-over-year jump.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||292.64||-54.85||-15.79%|
In stocks, Zoom Communications Inc. reported quarterly revenue that exceeded $1 billion for the first time, but warned of slowing demand for its video-conferencing service as the pandemic-driven boom wanes. Both earnings and sales were ahead of estimates.
|HOOD||ROBINHOOD MARKETS, INC.||43.90||+0.26||+0.60%|
Elsewhere, Robinhood Markets Inc. was under pressure for a second day after U.S. Securities and Exchange Commission Chairman Gary Gensler told Barron’s he was looking into banning payment for order flow, which is the company’s main revenue stream.
|MLM||MARTIN MARIETTA MATERIALS, INC.||383.91||+1.78||+0.47%|
In deals, building materials company Martin Marietta Materials Inc. agreed to buy Spanish conglomerate Ferrovial’s U.S.-based Southern Crushed Concrete unit for approximately $140 million, Reuters reports, citing a source with knowledge of the negotiations.
|CRWD||CROWDSTRIKE HOLDINGS, INC.||281.46||-4.91||-1.71%|
CrowdStrike Holdings Inc. is scheduled to report its quarterly results after Tuesday’s closing bell.
Overseas markets were choppy.
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In Europe, Germany’s DAX 30 ticked up 0.05% and France’s CAC 40 declined 0.17% as eurozone inflation reached a 10-year high. Britain’s FTSE 100 lost 0.6%.
Asian bourses rallied across the board with China’s Shanghai Composite advancing 0.45%, Japan’s Nikkei 225 climbing 1.08% and Hong Kong’s Hang Seng index rising 1.33%.
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