Major averages were flat to slightly higher on mixed volume.
The dollar tumbled Friday after an index measuring the price of U.S. labor declined sharply in the second quarter. Wage inflation thus remained weak in the second quarter indicating the labor market may not be as strong as employment data had reported. The Fed may therefore delay an interest-rate increase. Any data that could inspire the Fed to delay a hike tends to weaken the dollar while strengthening the stock market. Stock market futures moved higher on the news.
As the market bounces, new names continue to offer pocket pivot points including:
Cloud-based e-commerce platform provider SHOP had a buyable gap up on a strong earnings report. Sales are growing strongly. Given this is an IPO with no earnings, it is a speculative play.
Medical device maker ABMD had a pocket pivot breakout. Earnings are soaring, sales are accelerating, group rank 20. ABMD reports earnings before the open on Aug 4.
Pharmaceutical drug maker CBM had a pocket pivot on a strong earnings report. Earnings are skyrocketing, institutional sponsorship has grown over the last 4 quarters, group rank 20.
Discount airline ALGT had a pocket pivot on a strong earnings report. Earnings are soaring, ROE 34.1%, group rank 80. The low price of oil is helping airline stocks.
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