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Stocks rose Tuesday on the back of a record retail sales jump in May, positive trial results from a potential COVID-19 treatment, and more economic stimulus from the Fed.
The U.S. government reported all-time increase in retail sales of 17.7% in May. Economists were expecting a 7.7% increase.
Meanwhile, trial results announced today showed an already widely available drug called dexamethasone can help critically ill coronavirus patients.
Combine that with the Fed's announcement yesterday that it will begin buying individual corporate bonds, and you get another market rally.
The S&P 500 was up 1.6%, the Dow up 1.7%, and the Nasdaq closed 1.5% higher on the day.
D.R. Barton, Jr., focused his live stream on key earnings reports this week (8:45 a.m. EDT)
- H&R Block Inc. (NYSE: HRB), reports today: D.R. isn't expecting a great quarter, but he thinks it will be interesting to see what happens next quarter with the tax deadline pushed back to July 15.
- Price target: $20.
- Oracle Corp. (NYSE: ORCL), reports today: D.R. likes the company's great base of long-term clients, but it has had trouble transitioning to the cloud.
- Price target: $60.
- Carnival Corp. (NYSE: CCL), reports tomorrow: The increased implied volatility makes this stock too difficult to trade. Look for management to give information on advanced bookings.
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- No price target - it's too unpredictable.
- Kroger Co. (NYSE: KR), reports Thursday: KR did not have the drop that most stocks had in March - D.R. is bullish regardless of what happens next with COVID-19.
- Price target: $40.
- CarMax Inc. (NYSE: KMX), reports Friday: D.R. is still bullish on the used car sales trend and expects KMX to report a strong quarter and increase forward guidance.
- Price target: $110.
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