The stock market surged on Monday as investors assessed major political development in the US, following President Joe’s Biden’s withdrawal from the presidential rase. Companies are also set to disclose earnings this week.
Overall, S&P 500 grew 1.1% to 5,564, while NASDAQ rose 1.6% to 18,008.
Tweet of the Day
This is bullish https://t.co/Emf9xu9AxN
— David Sharek (@GrowthStockGuy) July 17, 2024
Chart of the Day
Here is the one-year chart of TJX Companies (TJX) as of June 10, 2024, when the stock was at $107.
Shoppers in the US are taking a proactive approach to saving money, as high interest rates are causing consumers to pinch pennies. TJX Companies delivered favorable financial results driven by customer transaction momentum. Last quarter, profits rose 22% in a 6% increase in sales, with growth entirely driven by higher transactions. Same-store sales increased 3%, with the home category performing better than apparel. Marmaxx — comprising TJ Maxx, Marshalls, and Sierra — saw 2% same-store sales growth, while HomeGoods posted a 4% same-store sales growth. The company saw broad customer appeal, as sales rose in both higher-and lower-income stores. Gross margin improved to 30.0% from 28.9% from a year ago, thanks to lower freight costs and favorable mark-on.
JX is part of the Conservative Growth Portfolio. With a P/E of 26, the stock is slightly overvalued, but has good momentum.
