Schwab Network

Erin Sykes joins Morning Movers to discuss the housing market. Focused on affordability, she says prices are coming down in certain geographies. For the Northeast, she doesn't see price improvement any time soon but says prices are coming down in the West and South. In terms of appreciation, she says single-family housing has the biggest return as opposed to condos. She cites insurance headwinds in the South as hurricane season begins again.

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Kevin Green examines yesterday's weakness as an "innocent until proven guilty narrative." He believes the 20-day moving average is a key test for trend direction determining whether Tuesday's selling was a healthy correction or something worse. KG explains the seasonality trends for August and September that aren't living up to historical norms. For Palantir (PLTR), says its recent price action is a "cooling off" period. KG also weighs in on Target (TGT) after earnings fail to impress investors. On the broader S&P 500 (SPX), he's watching 6430 to the upside and 6370 to the downside in Wednesday's trading.

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Zach Warring says his firm's sell rating on TJX Co. (TJX) is "more on valuation" as shares pop after a 2Q earnings beat. He says 32x forward multiple is a little too strong, saying they're almost "trading like a tech company." When compared to Ross Stores (ROST), he says the store count growth is similar and believes the business model is step and step with TJX. But, he believes the ROST multiple is more favorable than TJX.

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Commerce Sec. Lutnick confirmed the Trump admin. is considering a stake in Intel (INTC) using CHIPS Act Funds. Kevin Horner discusses the chipmaker's chart patterns as shares look to rebound from recent lows. Kevin highlights the $25 level as a prior level of resistance with $22.50 acting as volume control area over the last 30 days. On a 3-year weekly chart, he says $25 was once a long term area of support and highlights rising RSI momentum as a potential bullish signal for shares.

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Charles Schwab's Kevin Horner urges investors to brace for a potential pullback in the SPX that could bring the index back to the 50-day SMA. He explains how the 6,100 level, currently below that 50-day metric, backs his reasoning. Turning to individual stocks, Kevin has his eyes on Zeta Global (ZETA) as the 20-day SMA crosses above the 200-day SMA. After Palantir's (PLTR) significant pullback, he sees $152 as new support, or $126 if selling picks up steam.

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"Things in the stock market look really good," says Andrew Arons, but a continuation of equity strength will hinge on earnings leaping over bars Wall Street sets for companies. He expects the Mag 7 and other large-cap tech names to remain leaders due to their performance in recent months. As for stocks Andrew is watching, he believes Reddit (RDDT) has a "nice path to move quite a bit higher." For the mega caps, he likes Amazon (AMZN) and Meta Platforms (META).

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Tech weakness dragged markets down on Tuesday's session. Nvidia (NVDA) traded 3% lower after it announced plans for a new A.I. chip exclusively for China. It didn't compare to Palantir's (PLTR) 9% sell-off on the back of a short report from Citron Research. However, Intel (INTC) offered a bright spot in tech as SoftBank readies a $2 billion investment into the company. Sam Vadas turns to the biggest stock stories investors should note.

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Estee Lauder (EL) shares are in the spotlight ahead of its earnings report, and all eyes are on whether the new CEO's turnaround efforts will pay off. Shana Orczyk Sissel joins to break down what investors can expect from the luxury cosmetics giant's report card.

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Premier (PINC) rebounded to 2023 levels after posting better-than-expected earnings and signaling more share buybacks. George Tsilis talks about the rise in the healthcare company's stock price and how it compares to competitors like Cardinal Health (CAH). Premier has a macro advantage, as George anticipates it and other healthcare companies can pass rising costs onto customers.

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As Charles Schwab's Joe Mazzola points out, markets may be down, but market breadth is not. The Mag 7 and Palantir (PLTR) were major culprits behind the red session. However, Joe considers the pullback a healthy one, noting high valuations appearing across stocks. Many investors are also waiting to hear what the FOMC and Fed chair Jerome Powell have to say at Jackson Hole. Joe examines how recent inflation and jobs data could impact Powell's tone in his upcoming speech.

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