Best Sectors for Contrarian Traders

Goldman Sachs' first-quarter earnings missed analyst estimates

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4/15/2020

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Stock Futures Sink as Earnings, Retail Sales Weigh

By Patrick Martin
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The roller-coaster week is set to continue, with Dow Jones Industrial Average (DJI) futures pointing to a sharp triple-digit drop. Investor jitters are at an all-time high, as earnings reports trickling in start to signal the impact of the coronavirus outbreak on the economy. Banking blue chip Goldman Sachs (GS) is a notable laggard, after whiffing on its first-quarter report.

Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also stuck in the red, extending their losses after March retail sales fell by a larger-than-expected 8.7%. Also of note, the Empire State Manufacturing Index for April is showed a historic drop of -78.2. Oil prices are under pressure well, with June-dated crude futures down 2.2% at $19.66 per barrel, at last check.

Continue reading for more on today's market, including: 

  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down the best sectors for contrarian traders.
  • This biotech stock just ran up to a historically bearish trendline.
  • Plus, Goldman rates Tesla a "buy;" P&G pushes up earnings; and Bank of America eyes post-earnings slippage.
>> Continue reading...
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