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Stock Market Today


STOCK MARKET TODAY: S&P, NASDAQ RACK UP LONGEST WEEKLY WIN STREAK OF 2022


PRELIMINARY DATA FROM THE UNIVERSITY OF MICHIGAN INDICATED CONSUMER SENTIMENT IS
IMPROVING IN AUGUST.

by: Karee Venema
August 12, 2022
August 12, 2022

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Stocks closed out the week with a bang Friday, boosted by an encouraging reading
on consumer sentiment.

Ahead of today's opening bell, the University of Michigan said its preliminary
consumer sentiment index rose to 55.1 in August from July's final reading of
51.5. However, the data also showed that 48% of survey respondents believe
inflation is negatively impacting their living standards.

 * The 21 Top S&P 500 Stocks Since the Bear-Market Bottom

"Consumers are nervous about spending on big ticket items and are increasingly
convinced that now is a bad time to buy a vehicle or a major household item,"
says Jeffrey Roach, chief economist at independent broker-dealer LPL Financial.
"Consumer spending will likely slow in the near term."

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Investors will get a closer look at consumer data next week with July's retail
sales figures due out Thursday morning, and a heavy dose of retailers on the
earnings calendar. While their quarterly results will reveal details on consumer
spending during the second quarter, post-report earnings calls with analysts
could shed more light on current conditions.

Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual
fund recommendations, and other investing advice.

Today's broad-based rally was led by strong performances in the technology
(+2.0%) and communication services (+1.8%) sectors. As such, the tech-heavy
Nasdaq Composite outpaced its peers, jumping 2.1% to 13,047. The S&P 500 Index
gained 1.7% to 4,280 and the Dow Jones Industrial Average added 1.3% to 33,761.
The Nasdaq and S&P closed higher for a fourth straight week, the longest such
streak since November.

YCharts

Other news in the stock market today:

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 * The small-cap Russell 2000 surged 2.1% to 2,016.
 * U.S. crude futures fell 2.4% to finish at $92.09 per barrel.
 * Gold futures rose 0.5% to end at $1,815.50 an ounce.
 * Bitcoin slipped 0.1% to $24,175.21. (Bitcoin trades 24 hours a day; prices
   reported here are as of 4 p.m.)
 * Peloton Interactive (PTON) jumped 13.6% after the treadmill maker said it is
   cutting almost 800 jobs and closing stores across North America in order to
   cut costs. "These are hard choices because we are impacting people's lives,"
   Peloton CEO Barry McCarthy wrote in a memo that was released to several media
   outlets, include CBS News. "We simply must become self-sustaining on a cash
   flow basis." McCarthy, who took over the top spot in February, also said PTON
   is raising prices on both its Bike+ and Peloton Tread. 
 * It was a volatile session for Rivian (RIVN) which was up more than 4% at one
   point and down more than 4% at another, before shares settled with a modest
   0.1% loss. This was in reaction to the electric vehicle (EV) maker's
   second-quarter earnings report which showed a narrower-than-expected loss of
   $1.62 per share on higher-than-anticipated revenue of $364 million. The
   company also said it will likely post a wider loss than initially anticipated
   in its full fiscal year, as well as capital expenditures totaling $2 billion
   versus the $2.6 billion it previousy guided for. "RIVN and other EV names
   have gotten a boost from the expected passage of the Inflation Reduction Act,
   but it is unclear how many customers would be able to claim the proposed
   $7,500 federal tax credit given RIVN's recent price hikes and a requirement
   that electric trucks/SUVs have MSRPs under $80K," says CFRA Research analyst
   Garrett Nelson. "We remain at a Hold, seeing risks to its 2022 production
   guidance and have concerns about its cash burn."


THE BEST VALUE IN REITS RIGHT NOW

Although the real estate sector struggled in the first half of 2022, it – like
the rest of the stock market – is attempting to recover some of its steep
year-to-date losses. Since July 1, the sector is up more than 9%, which is great
news for those invested in real estate investment trusts (REITs). 

 * 15 Mighty Mid-Cap Stocks to Buy for the Rest of 2022

Investors should also be encouraged by the attractive yields on offer by the
sector. At the end of July, REITs sported an average dividend yield of 3.2% –
more than double that of the S&P 500 – according to Nareit, a leading global
producer of REIT investment research. 


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And thanks to a selloff early in the year, there are plenty of bargains to be
found among these high-yielding real estate stocks. Investors stand to benefit
in two ways by scooping up value REITs. For starters, discounted shares have the
potential to generate outsized price appreciation on a rebound. At the same
time, dividend-paying stocks can further juice total returns. With that in mind,
we took a look at 10 REITs that have experienced significant share price
declines in 2022, yet still offer sturdy fundamentals and healthy dividends.
Check them out.

 * 12 Best Monthly Dividend Stocks and Funds for the Rest of 2022

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