Firearms stocks are on the rise following an attempted assassination of former President Trump, with investors flocking to the sector in anticipation of increased demand. The news of the assassination attempt sent shockwaves through the market, leading to a surge in firearms stocks as investors bet on heightened security concerns driving up sales.
In other news, Shopify saw a 7% jump in its stock price, with analyst Brad Sills praising the company’s disciplined expense spending and forecasting improved revenue growth and free cash flow. The positive outlook for Shopify has investors bullish on the e-commerce platform’s future prospects.
Meanwhile, the Dow traded at all-time highs, with more than 1 in 7 stocks in the S&P 500 reaching new 52-week highs. Names like Electronic Arts, T-Mobile US, and Goldman Sachs were among those hitting milestone levels, while just four stocks were trading at their 52-week lows.
Small caps also saw a 2% jump, marking their fifth consecutive day of gains as investors rotated into previously unloved corners of the market. The Russell 2000 index led the charge, with stocks like AngioDynamics and PaySign surging more than 10%.
As big bank earnings reports came in strong, regional banks are up next in the spotlight. PNC Financial kicked off the regional bank reports with a mixed bag of results, beating on earnings but falling short on revenue growth outlook.
Overall, the market opened higher, with stocks making gains across the board. Retail sales data came in better than expected, further boosting investor confidence in the economy.
With a flurry of positive news driving the market higher, investors are keeping a close eye on the latest developments to capitalize on the momentum.
