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Communication Services : Diversified Telecommunication Services | Large Cap Value
Company profile

AT&T Inc. is a holding company. The Company is a provider of telecommunications, media and technology services globally. The Company operates through three segments: Communication segment, WarnerMedia segment, and Latin America segment. The Communications segment provides wireless and wireline telecom, video and broadband services to consumers. The business units of the Communication segment includes Mobility, Entertainment Group and Business Wireline. The WarnerMedia segment develops, produces and distributes feature films, television, gaming and other content over various physical and digital formats. WarnerMedia segment also includes Xandr, which provides advertising services. Latin America segment provides wireless services in Mexico. Mexico is the business unit of the Latin America segment. Its Xandr segment provides advertising services.

Postmarket

Last Trade
Delayed
$27.05
0.04 (0.15%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$27.01
Day's Change
0.05 (0.19%)
Bid
--
Ask
--
B/A Size
--
Day's High
27.21
Day's Low
26.99
Volume
(Below Average)
Volume:
31,680,148

10-day average volume:
36,474,299
31,680,148

The S&P 500 is headed for 5,000, says UBS. Here's the when and how.

6:58 am ET August 31, 2021 (MarketWatch)
Print

By Barbara Kollmeyer

Critical information for the U.S. trading day

On the last trading day of August, stock futures are pointing higher as markets look past downbeat economic news from China and continued COVID-19 contagion worries. It's all part of a relentless march higher for stocks that barely paused this summer.

"The S&P 500 has posted at least 1 new closing high every week since the week of June 7, 2021, 13 weeks in a row. August 2021 has posted 12 new closing highs in the 21 trading days, with one day left to go," noted Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

"Year-to-date the index has posted 53 new closing highs, and is tied for the 4 highest in index history (from 1926)," added Silverblatt, who added that even if the market seems wacky, "if you're not in it, you're nuts, and most likely out of a job (keep your finger on the button)."

Our call of the day from UBS's chief investment officer Mark Haefele, sees the S&P 500 is on a solid path to another big milestone -- 5,000. That's his end-2022 goal, while the bank sees the index reaching 4,600 by the end of this year.

"The S&P 500 has broken above 4,500 for the first time, taking gains for 2021 to over 20%. This might seem surprising given the recent run of negative news, including disappointing U.S. consumer data and a continual rise in COVID-19 infections. But we believe that the momentum toward reopening and recovery is intact and that there is further upside to equities," Haefele told clients in a note.

He rattles off a list of supportive factors, including a fifth-straight quarter of robust results with more than 85% of companies beating second-quarter earnings and sales estimates; aggregate corporate profits up nearly 90% from year-ago levels; earnings nearly 30% higher than pre-pandemic levels; and revenue growth so robust it's overwhelming cost pressures.

"We believe cost pressures for businesses should subside as supply begins to catch up. In addition, consumers' balance sheets are at their strongest in decades due to the significant buildup in household savings over the past year, and retailers will continue to restock to keep up with demand," said Haefele.

Show us the stocks? "With the economic recovery broadening, we expect cyclical sectors, including energy and financials, to take the lead," he added.

Read:The S&P 500 hasn't seen a year-to-date rally this strong since 1997. What's next?

The chart

Thomas Lee, founder of Fundstrat Global Advisors, notes that history is on the side of a strong September when markets see an equally upbeat first half.

That's even as investors worry about "overbought" markets due for a pullback and stats showing September returns since 1928 have been down about 0.1%. In a note to clients, Lee counters that seasonality factors change when a first half is strong -- the first six months of 2021 saw a more than 13% gain, the 10th best since 1928.

That should mean a stronger September than expected and an intact "everything rally." Here's his chart:

Read:If you've got the stock market jitters, here are 20 companies in two defensive sectors

China's delta drag and Moderna's vaccine edge

Zoom Video (ZM) shares are sinking after the videoconferencing group reported its first billion-dollar quarter Monday, but a somewhat disappointing outlook.

Robinhood (HOOD) shares are dropping after SEC Chairman Gary Gensler told Barron's on Monday that a controversial practice that made billions for brokers and high-frequency trading firms could be axed.

China's official nonmanufacturing purchasing managers index unexpectedly contracted in August, dragged by cooling service activity due to the Delta variant outbreak. The official gauge of factory activity also fell by more than expected as demand weakened.

Moderna's (MRNA) COVID-19 vaccine produced higher levels of antibodies over Pfizer (PFE)and BioNTech's (BNTX), according to a study of over 2,000 Belgian health-care workers.

The Centers for Disease Control and Prevention raised its COVID-19 travel advisory for Germany and bumped Switzerland, Guam, Saint Lucia, Puerto Rica and Guam among other spots to the highest level 4 warning. That Monday move came as the EU yanked the U.S. from its safe-travel list.

More than a million people are without power in Louisiana and Mississippi following Hurricane Ida, with officials warning it could be weeks before heavily damaged power grids could be repaired.

On the other side of the country, thousands fled California's South Lake Tahoe resort on Monday in bumper-to-bumper traffic at times as the Caldor fire jumped highways.

Tuesday's U.S. data includes the June Case-Shiller national home price index for June, the Chicago PMI and the consumer confidence index, both for August.

The markets

Ahead of the data, stock futures are pointing higher, but crude oil is dipping. Three-month aluminum prices on the London Metal Exchange hit the highest since May 2011, driven by China output cuts. The dollar is under pressure. Bitcoin traded lower.

Random reads

U.S. Open champion Naomi Osaka has her eye on cryptos.

Kid gate-crashes politician mom's TV interview in New Zealand, waving a rude carrot

Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern time.

Want more for the day ahead? Sign up for Barron's Daily, a morning briefing for investors, including exclusive commentary from Barron's and MarketWatch writers.

-Barbara Kollmeyer

	

(END) Dow Jones Newswires

August 31, 2021 06:58 ET (10:58 GMT)

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