August 16, 2022

Markets:

U.S. stock futures were little changed Tuesday as traders weighed the earnings reports from two key retailers.

Walmart reported earnings per share that beat analyst expectations, sending the stock up 3%. The company also stuck with its second-half outlook. Home Depot reported earlier in the morning, with earnings beating expectations and the home-improvement store maintaining its 2022 guidance. Target and Lowe’s will report quarterly results Wednesday.

Wall Street is coming off a solid session, with the major averages all rising Monday after a sharp intraday turnaround. The move higher built on the market’s rally off a June low.

European markets were cautiously higher on Tuesday, having struggled to build on positive momentum seen at the end of last week.

In energy markets, the price of WTI crude oil was up about 0.8% early Tuesday, with Monday marking the 61st straight day of gas price declines. Gas Buddy's Patrick De Haan noted late Monday that prices were set to rise about a half-cent per gallon nationally into Tuesday, snapping this two-month streak.

On the economic side, investors are expecting a reading on the housing market later this morning, with the monthly report on housing starts and building permits set for release.

Portfolio:

We enter the new trading session holding positions in GEO, ASTS, CVE, DCGO, WEN, and holding itrm.  Nice day yesterday and a little more continuation should get us a few more profits booked. Queue is igniting and we may have a new trade or two today trigger as well this week.  Be ready!  Let's have a great session.