The major stock indices are closing higher on the day with the Nasdaq leading the way.

• The major indices are off to a positive start for the week after 4 straight weeks of gains
• 9 or 11 sectors in the S&P moved higher with Energy (-1.9%) and materials (-0.1%) the only sectors to decline. Crude oil is down -$3.11 on the day. The consumer staples rose 1.0%
• The Dow is closing above the 200 day MA for the first time since April 20. The 200 day MA comes in at 32897.15. The price closed at 33191.45

The major US indices all closed sharply higher and near their session highs.

• Dow industrial average rose 535.41 points or 1.63% at 33309.05. It’s high price reached 33364.41
• S&P index rose 7.75 points or 2.13%. It’s high price reached 4211.03
• NASDAQ index rose 360.89 points or 2.89% at 12854.81. It’s high price reached 12861.44
• Russell 2000 rose 56.15 points or 2.95% at 1969.24

Looking at the S&P sector

• Consumer discretionaries rose 2.88%
• Materials rose 2.87%
• Technology rose 2.77%
• Communication services rose 2.76%

The laggards today included:

• Utilities, -0.49%
• Energy, +0.71%
• Consumer staples, 0.74%

After the close, Disney be expectations on revenues and EPS.:

• EPS came in at $1.09 vs. $0.96 estimate
• Revenues came in at $21.5 billion vs. 20.96 plan dollars estimate

Disney shares are up 4.7% in after hours trading.

• S&P 500 -0.4%
• Nasdaq -1.2%
• Russell 2000 -1.7%
• DJIA -0.2%

The major stock indices are closing the day with mixed results:

• Dow industrial average rose 76.63 points or 0.23% at 32803.48
• S&P index fell -6.75 points at -0.16% at 4145.18
• NASDAQ index fell -63.02 points at -0.50% at 12657.56
• Russell 2000 gain 15.36 points or 0.81% at 1921.82

The NASDAQ index snapped a two day winning streak. Each of the indices fell 3 days and gain on two day’s to start the trading month.

For the week:

• Dow industrial average fell -0.13%
• S&P index rose 0.36%
• NASDAQ index rose 2.15%

Looking at the Dow 30, the biggest gainers were:

• J.P. Morgan, +3.03%
• Chevron, +1.51%
• Verizon, +1.17%
• Visa, +1.08%
• Caterpillar +0.95%

The biggest losers in the Dow included:

• Disney -1.41%
• Boeing -0.91%
• Cisco -0.82%
• Intel -0.76%
• Salesforce -0.59%

Other big gainers today included a number of the meme stocks:

• bed Bath and beyond +32.68%
• beyond meat +21.89%
• AMC +18.97%
• Lyft +16.62%
• Goodrx, +6.8%
• Game Stop +4.17%

Some big losers today included:

• Celsius, -9.03%
• Tesla -6.63%
• Western Digital -5.65%
• Alibaba, -4.99%
• Robin Hood -4.41%
• Paramount global -4.15%
• Moderna -3.78%

The final numbers are showing:

• Dow industrial average fell -85.31 point -0.26% at 32727.20
• S&P index fell -3.17 points at -0.08% 4152.01
• NASDAQ index rose 52.43 points or 0.41% at 127 to 0.59
• Russell 2000 fell -2.472 points or -0.13% at 1906.45

For the Dow 30, the biggest gainers were:

• 3M +3.24%
• Visa +2.3%
• American Express +0.93%
• Salesforce, +0.9%
• Caterpillar +0.54%

The big losers from the Dow 30 included:

• Walmart, -3.72%
• Chevron, -2.73%
• Verizon, -1.96%
• J&J -1.61%
• Intel, -1.37%

Fear has turned into FOMO. Bear market rallies can be intense.

A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.

• S&P 500 up 64 points, or 1.5%, to 4162
• Nasdaq +2.6%
• Russell 2000 +1.4%
• DJIA +1.4%
• Toronto TSX +0.3%

In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.

The US major indices are ending the day with declines on the day in an up and down session. The Dow led the declines thanks to a sharp decline in Caterpillar shares after their earnings report disappointed. Caterpillar shares fell $11.35 or -5.82% at $183.51. Other losers today in the Dow included:

• Boeing -3.46%
• Intel, -2.57%
• Visa, -2.43%
• Nike, -2.22%

A look at the final closing numbers shows:

• Dow fell -402.25 points or -1.23% at 32396.18
• S&P fell -27.44 points ro -0.67% at 4091.20
• Nasdaq fell -20.21 points or -0.16% at 12348.77
• Russell 2000 fell -0.86 points or -0.05% at 1882.44

After the close:

AMD is disappointing:

• EPS $1.05 vs $1.03 et
• Rev 6.55B vs 6.53B est

The bad is that they guided lower for the Q3 at 6.5 to 6.9B vs 6.81B

Starbucks earnings:

• EPS. $0.84 vs $0.75
• Rev $8.15B vs $8.11B est.

Paypal

• Rev 6.8B vs 6.78B est
• EPS $0.93 vs $0.86 est