Market Lab Report - Premarket Pulse 6/1/16
Major averages closed mixed yesterday on higher, above average volume but managed a strong rally all the way into the close. The Dow suffered a distribution day while the S&P 500 closed down -0.1% and the NASDAQ was up 0.29%. The higher volume may have been related to month-end activity.
Overnight, economic news out of Europe and China came in weak overall, pushing foreign markets lower. As a result, futures are also trading lower by around a quarter percent at the time of this writing. Some consolidation of the major averages could be expected after their bounce. The S&P 500 is just a percent or so off its all-time highs.
Lighting product maker Acuity Brands (AYI) had a pocket pivot though a stronger close would have been preferable. Instead, the stock closed near the lower part of its intraday trading range and failed on a breakout attempt to new highs. Earnings and sales are accelerating, group rank 39. AYI gapped higher on its prior earnings report and has since traded sideways.
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