Founded in 1940 and based in Charlotte, North Carolina, Nucor Corp. is a manufacturer of steel and steel products and is North America's largest steel recycler. The company's main operating units are Steel Mills and Steel Products. Nucor has about 32,000 employees. The shares are a component of the S&P 500.

Insider-sentiment data from Vickers Stock Research reflects nice relative improvement this week, with the caveat that transaction volume is cyclically low as corporate insiders are currently broadly prohibited from trading due to earnings season. Even so, the one-week sell/buy ratios from Vickers are all in the lower (positive) zone of the neutral range after having spent the past few weeks in the middle to upper range of that same neutral zone. That has led to either slight improvement or at least a plateauing in the eight-week sell/buy readings, all of which are squarely in the middle of the neutral range. And with all the issues in play right now (the U.S. election, the Middle East, the Fed's next move, the behavior of Treasury yields, the ultimate quality of the current earnings season, etc.), neutral seems to be a reasonable posture to take at the moment. On a sector basis, insider selling outpaced buying in the Consumer Discretionary sector, with shares valued at roughly $63 million sold versus less than $5 million bought. Selling by insiders was also evident in the Financial sector, with shares valued at $42 million sold versus less than $3 million bought, as well as in the Industrial sector, with $33 million sold versus $1 million bought. This week, analysts at Vickers highlighted insider transactions of interest at PBF Energy Inc. (NYSE: PBF) and Philip Morris International Inc. (NYSE: PM).

Founded in 1940 and based in Charlotte, North Carolina, Nucor Corp. is a manufacturer of steel and steel products, and is North America's largest steel recycler. The company's main operating units are Steel Mills and Steel Products. Nucor has about 32,000 employees. The shares are a component of the S&P 500.

Key inflation data is coming this week and AI superstar Nvidia reports earnings. Wall Street will continue to absorb comments from Fed Chairman Jerome Powell from last week, noting that the Fed is ready to start easing monetary policy. The Dow Jones Industrial Average ended last week up 1.3%, the S&P 500 gained 1.5%, and the Nasdaq was higher by 1.4%. Year to date, the DJIA is higher by 9%, the S&P is up 18%, and the Nasdaq has popped 19%. On the economic calendar, inflation data via PCE is the highlight of the week, to be reported on Friday. In June, the PCE (Personal Consumption Expenditures) came in at 2.5%. We see that bumping up slightly to 2.6%. Core PCE came in at 2.6% for June. We see no change for July. Elsewhere, Durable Goods Orders will be reported on Monday. On Tuesday, the Case-Shiller Home Price Index and Consumer Confidence hit the tape, and on Thursday, GDP will be updated. Several Fed officials speak throughout the week. The earnings calendar is winding down, but some important reports remain. On Wednesday, Nvidia, Salesforce, CrowdStrike, HP, and J.M. Smucker all report. Aside from Nvidia's data, analysts will be listening to hear what CrowdStrike management has to say about the global software glitch last month and the impact on business. On Thursday, reports come from Dell, Marvell Technology, Best Buy, Lululemon, Gap, and Ulta Beauty. Earnings are coming in 12.7% higher this quarter than a year ago. Some 95% of S&P 500 companies have reported so far. Financials and Healthcare are the leading sectors, both up 20% for the quarter compared to the same quarter last year. Materials are on the other end, down 6%. Expectations were for 8%-12% earnings growth for 2Q, so corporate America has again surpassed the initial forecast. Mortgage rates fell three basis points (bps) to 6.46% for the average 30-year fixed-rate mortgage. Gas prices fell three cents to $3.38 per gallon for the average price of regular gas. The Atlanta Fed GDPNow indicator is forecasting for 3Q and calls for expansion of 2.0%. The Cleveland Fed CPINow indicator forecasts 2.6% for August CPI. Looking ahead, the next Fed rate decision comes on September 18, with odds at 100% for a rate cut. Of that, 63% expect a 25-bps cut and 37% a 50-bps cut. There are then two more Fed rate meetings this year, the first on November 7 and the second on December 18. We now expect three rate cuts this year, for a total of 75 bps. We see two rate cuts in 2025. We see all cuts in the size of 25 bps.