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Reuters reported G7 leaders plan to act to calm markets and would issue a statement shortly after the Brexit voting results became clear, reconfirming an agreement among G7 nations that excess volatility and disorderly currency moves are undesirable. Tut-tut, cheeri-o and all that.
As for the U.S. economy, freshly released data showed that new home sales fell 6% month-over-month in May to a 551,000 seasonally adjusted rate, below the 560,000 consensus estimate. Sales were still up 9% year-over-year. So far this year, new home sales are up 6.4% compared with the same period last year, which is great. Also jobless claims were a positive, as they fell to 259,000 last week down from the prior week’s 277,000 print and better than the consensus for 270,000. And finally Markit’s flash manufacturing PMI rose to a three-month high of 51.4 in June. That was up from 50.7 in May, which was the weakest reading since September 2009.
Tech stocks were broadly higher Thursday, led by semiconductors, but one weak spot was Apple (AAPL). It only rose 0.6% yesterday after JPMorgan said iPhone builds at the factory level are unchanged, and still tracking below consensus. Google (GOOG) also lagged.
Globant SA (NYSE:GLOB) is a digital marketing agency with offices around the globe. It specializes in helping companies move their brand and business into the Internet of Things era. Shares are up $15 since February but are still relatively cheap. This was my pick for best stock of 2016 and it has not disappointed. Buy GLOB at $39.55 limit, good till canceled.
Jon Markman operates the investment firm Markman Capital Insights. He also offers a daily trading advisory service, Trader’s Advantage, and CounterPoint Options, a service that helps individual traders make steady, consistent profits with volatility-related instruments. Follow him on Twitter for his latest take on markets and innovation.