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US stocks close higher and near session highs

  
Analysis, US Market

Record close for the S&P 500

The major US stock indices are closing higher and near session highs:
  • S&P closed at a record level
  • NASDAQ posts a two day win streak
  • Energy (+1.83%), industrials (+1.38%), healthcare (+1.42%), financials (+1.13%) led the charge
  • communication services fell -0.19%
  • Dow and S&P snap a two day losing streak
The final numbers are showing:
  • Dow industrial average rose 278.24 points or 0.80% at 35116.40
  • S&P index rose 36 points or 0.82% at 4223.15
  • NASDAQ index rose 80.22 points or 0.55% at 14761.29
  • Russell 2000 rose 2.10 points or 0.37% at 2223.60.
Some big winners today included:
  • Under armour, +7.58%
  • Snowflake, +6.14%
  • First Solar, +4.61%
  • Nucor, +4.5%
  • Micron, +4.15%
  • Pfizer, +4.0%
  • AMD, +3.63%
  • Novavax, +3.10%
  • PNC, +2.51%
  • Wells Fargo, +2.27%
  • Gilead, +2.15%
Big losers include:
  • Tencent, -7.65%
  • Corsair, -6.38%
  • Viacom, -5.78%
  • AMC, -4.343%
  • Rackspace, -3.36%
  • Rocket, -3.35%
  • Koss, -3.28%
  • GameStop, -3.24%
  • Nio, -2.79%

US stocks close session with mixed results

  
Analysis, US Market
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Dow Jones, S&P give up gains and close in the red. NASDAQ closed mostly higher

The US stock market lost steam into the close with Dow industrial average and the S&P 500 closing in the red and giving up earlier gains. The NASDAQ index squeaked out a small gain on the day.

The final numbers are showing:
  • Dow industrial average -97.11 points or -0.28% at 34838.36
  • S&P index -8.11 points or -0.18% at 4387.15
  • NASDAQ index rose 8.39 points or 0.06% at 14681.07
  • Russell 2000 index fell -10.75 points or -0.48% at 2215.50
As the day went by, lower yields on the back of expectations of slower growth due to the Covid Delta variant, started to weigh on the major indices.  The Dow industrial average was up as much as 256.64 points. The S&P index was up as much as 25.64 points and the NASDAQ index is up as much as 97.7 points before reversing back to the downside and closing near the lows for the day.

US jobs report next week highlights the week’s key events and releases

  
Analysis, US Market

ISM data and jobs reports highlight the events next week

Monday will be the August 2nd and the start of a new month. That means the traditional ISM data, ADP employment, the US and Canada jobs reports.
Highlights on the economic calendar.
Monday (bank holiday in Canada)
  • Japan consumer confidence 36.0 versus 37.4 last month
  • German retail sales, estimate 1.9%
  • German PMI final,  65.6 est
  • UK PMI final, 60.4 est
  • France PMI, 58.1 est
  • Italy PMI final, 62.5 est
  • US ISM manufacturing 60.8 versus 60.6 last month

Tuesday

  • RBA rate statement.  No change expected
  • Spain’s unemployment change. Last -166.9 K
  • Canada manufacturing PMI, last 56.5
  • US factory orders, estimate 1.2% versus 1.7% last month
Wednesday
  • New Zealand employment change, 0.7% quarter on quarter versus 0.6% last quarter.  Unemployment rate 4.4% versus 4.7%
  • Australia retail sales, -1.8% estimate versus -1.8% last month
  • German final services PMI, 62.2 estimate
  • France’s final services PMI 57.0 estimate
  • UK’s final services PMI 57.8 estimate
  • US ADP nonfarm employment change, 680K estimate versus 692K last month
  • US ISM services PMI 60.5 versus 60.1 last month
Thursday

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Major indices close lower led by Amazon and concerns about Covid variant

  
Analysis, US Market

Stocks close near session lows

Highlights for the day:

  • Dow S&P close lower for the third day in four sessions
  • Major averages post weekly losses
  • S&P has six straight monthly gain
  • NASDAQ snaps two day win streak
  • Dow S&P, NASDAQ post gains for July
Hurting the indices and market today was Amazon which fell -7.5% or $-269.94 after revenue shortfall and expectations towards lower revenue growth ahead.
Airlines also fell sharply with American Airlines down -3.73% and United Airlines down -3.63%.  Concerns about Covid and restrictions starting to weigh on the airlines more.
The final numbers for the day are showing:
  • Dow -149.45 or -0.43% at 34935.08
  • S&P -23.88 points or -0.54% at 4395.27
  • NASDAQ -105.59 points or -0.71% at 14672.68
  • Russell 2000 -13.70 points or -0.62% at 2226.24
For the week:
  • Dow fell -0.36%
  • S&P index fell -0.33%
  • NASDAQ index fell -1.11%
For the month:
  • Dow rose 0.87%
  • S&P index rose 1.8%
  • NASDAQ index rose 1.04%

US major indices close higher

  
Analysis, US Market

Indices close off the highs for the day

The major indices closed higher on the day.

  •  The S&P and Dow industrial average traded to new all-time intraday highs.
  • The S&P close just below record close levels
  • The NASDAQ close higher for the 7th day in 8 trading days.
  • The Dow and S&P snapped a two day losing streak.
Tomorrow is the last day of the trading month, and all three major indices are on track for monthly gains.
A look at the final numbers shows:
  • S&P close up 18.37 points or 0.42% of 4419.01
  • Dow closed up 153.21 points or 0.44% at 35,084.14
  • NASDAQ closed up 15.68 points or 0.11% at 14,007 78.26
  • Russell 2000 up 15.09 points or 0.68% at 2240.05

Facebook expectations disappoint after the close. Earnings and revenues beat expectations.

  
Analysis, US Market

Earnings-per-share $3.61 versus $3.04. Revenues 29.08 billion versus 27.87 billion, but other data disappoints

  • earnings-per-share $3.61 versus $3.04
  • revenues $29.08 billion versus $27.87 billion
  • daily users 1.91 billion versus 1.95 billion estimate
  • monthly active users 2.9 billion versus expected 2.91 billion
In the 3 and 4th quarters expects advertising revenue growth will be driven by year on year advertising price increases during the rest of 2021.
The stock is trading down -4.65% in after-hours trading or $-17.28 to $356.11

Dow down for the second straight day. Nasdaq rises.

  
Analysis, US Market

S&P up modestly. NASDAQ higher

Highlights for the day
  • NASDAQ up for the sixth time in seven days
  • S&P index falls for the second consecutive day
  • Russell index jumps 1.51%
  • new highs at 76. New lows 80
  • Dow down for the second consecutive day
  • NASDAQ rebounds after its worst day since May
  • healthcare sector on pace for a record close
The major averages are mixed after the FOMC statement, and a largely unchanged taper expectations.
The final numbers are showing:
  • Dow industrial average felt -128 points or -0.37% at 34,930.27
  • S&P index fell -0.82 or -0.02% at 4400.65 point
  • NASDAQ rose 102 points or 0.70% at 14762.59
  • Russell 2000+33.11 points or 1.51% at 2224.94
Qualcomm earnings have come in after the close and are seeing a beat on the top and bottom lines.
  • EPS $1.92 versus $1.68 estimate
  • Rev $8.0 billion versus $7.58 billion estimate

Major indices snap 5 day winning streak

  
Analysis, US Market

No record closes for major indices

The major US indices have snapped their five day winning streak ahead of the key earnings including Alphabet, Apple, Microsoft, AMD, Starbucks.

  • Microsoft is trading down $3.11 at $285.94
  • Apple is trading down $2.42 at $146.57
  • Google is trading down $-48.99 at $2631.71
  • AMD is trading down $-0.92 at $90.89
  • Starbucks is trading down eight cents at $125.98.
highlights today
  • NASDAQ on pace for worst the day since May 12
  • Dow was down -266 points at the session low
  • NASDAQ was down 337 point at the session low
  • S&P was down -50 point at its session lows
  • utilities/real estate the biggest gainers
  • tech consumer discretionary the biggest laggards
  • new highs 54 new lows 239
The final numbers are showing:
  • S&P index -20.6 points or -0.47% at 4401.70
  • NASDAQ index -180.14 points or -1.21% at 14,660.58
  • Dow felt -84.67 points or -0.24% at 35,059.64
  • Russell 2000-25.09 points or -1.13% at 2191.83

S&P, NASDAQ, Dow all close at record highs

  
Analysis, US Market

Up for the fifth consecutive day

The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows:
  • Dow industrial average rose 82.76 points or 0.24% at 35,144.31
  • S&P rose 10.51 points or 0.24% at 4422.30
  • NASDAQ index rose 3.72 points or +0.03% at 14,840.71

Other highlights:

  • Dow, S&P and NASDAQ also hit record intraday highs
  • energy materials are the biggest sector leaders
  • healthcare utilities biggest sector laggards
The new all-time high levels for the indices are:
  • Dow 35,150.37
  • S&P 4423.20
  • NASDAQ 14863.60
The Russell 2000 rose by 7.27 points or 0.33% at 2216.92
After the close test the reported adjusted earnings per share of $1.45 versus expectations of $0.98. Revenues grew by $11.96 billion versus expectations of $11.3 billion.
Tesla shares are currently up around $7.31 or 1.1% at $665 in after-hours trading.
Tomorrow, the earnings calendar starts to heat up with the following major releases.

  • 3M
  • Alphabet
  • Apple
  • AMD
  • GE
  • Stryker
  • Raytheon technologies
  • Starbucks
  • Microsoft
  • Corning
  • Xerox

On Wednesday, Boeing, Ford, McDonalds, Facebook are some of the companies reporting.

  • O’Reilly automotive
  • Bristol-Myers Squibb
  • Boeing
  • Ford motor
  • McDonald’s
  • Lam research
  • General Dynamics
  • Hess corporation
  • Facebook
  • PayPal
  • Qualcomm
  • Shake shack
  • Pfizer
  • ServiceNow
  • Xilinx
  • Shopify
  • Spotify

Finally, on Thursday Amazon, Merch, Mastercard earnings will be released.

  • Amazon
  • Altria
  • Merck
  • US Steel
  • First Solar
  • Gilead Sciences
  • MasterCard
  • Hilton
  • Martin Marietta
  • T-Mobile
  • Twillio
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