Wednesday, July 28

s&p 500

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US stocks log record highs as investors look to Big Tech to sustain earnings growth

Brendan McDermid/Reuters Dow industrials push further beyond 35,000 in Monday's record-setting highs for stocks. Tesla and Facebook earnings are among those on deck for this week's earnings wave. The Federal Reserve will start its two-day meeting on Tuesday. See more stories on Insider's business page. Stocks finished at record highs Monday as investors set their sights on earnings reports from major technology companies and appeared to set aside concerns about economic recovery in the face of rising coronavirus cases. The Dow Jones Industrial Average pushed further above 35,000 after crossing that threshold for the first time on Friday. Stocks overcame losses earlier in Monday's session to build on record highs notched Friday, capping a rebound from a rout last week. Stocks have...
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Investors should keep buying stocks amid strong earnings as low bond yields offer little competition, Oppenheimer says

Getty Images / Bryan R. Smith Low interest rates and improving stock market fundamentals means investors should stick with stocks, Oppenheimer said in a note on Monday.Oppenheimer highlighted that stocks face little competition from other assets given that the 10-year US Treasury yield is at 1.2%.And strong earnings results only improved the outlook for stocks going forward, Oppenheimer said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Low bond yields and improving corporate earnings mean stocks face little competition from other asset classes and investors should continue to buy equities, Oppenheimer said in a note on Monday."With bond yields this low and fundamentals improving, stocks appear to have no competition," Oppenheimer's chief investment str...
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The S&P 500 is on track for the best quarterly earnings growth since 2009 as companies smash expectations

LoadingSomething is loading. S&P 500 companies are on track for the best earnings growth since 2009, with companies smashing estimates as the US economy bounces back to life from COVID-19 lockdowns.The strong quarter is helping support stocks despite high equity prices, rising inflation, and the threat of the delta coronavirus variant.Earnings for S&P 500 companies are expected to grow 78.1% year-on-year in the second quarter, according to...
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US stocks close at record highs as investors cheer blockbuster earnings

Xinhua/Wang Ying/ Getty Images US stocks finished the week strong with all three major indexes closing at records Friday as investors cheered blockbuster tech earnings and looked towards next week's Fed meeting.Shares of Snap soared 23% after the social media app exceeded earnings expectations. Twitter also gained after beating estimates, and Bank of America analysts said the stock could rise another 30% as the social media platform stands to see further growth in advertising sales which have been recovering after the onset of the coronavirus pandemic. The good news lifted tech peers Facebook and Google both by more than 3%. Here's where US indexes stood at the 4:oo pm ET close on Friday:The blank-check company backed by billionaire Thomas Barrack withdrew its application for an ...
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Dow rises 285 points for 2nd straight daily gain as focus shifts away from growth worries to earnings season

Stocks are on the mend following pullbacks from record highs. Brendan McDermid/Reuters The Dow Jones Industrial Average climbed 285 points to extend a relief rally on Wednesday. The S&P 500 also rose and the Nasdaq Composite pushed through early weakness. Johnson & Johnson was among the Dow stocks that raised its annual earnings guidance. See more stories on Insider's business page. US stocks closed higher Wednesday, led by blue-chips as many corporate behemoths upgraded financial guidance, though questions linger about global economic recovery as COVID-19 infections rise. The Nasdaq Composite overcame earlier weakness while the Dow Jones Industrial Average soared 285 points to advance for a second straight day of gains. The Dow was helped by shares of Coca-Cola, Johnson & Joh...
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Dow stages 550-point comeback after harsh sell-off as investors remain optimistic on growth

Xinhua/Wang Ying/ Getty Images US stocks staged a comeback Tuesday after a harsh sell-off the previous day, with the Dow rebounding 550 points as investors bought the dip and bet on the continued strength of the economic recovery. Industrials, real estate, and financial stocks gained the most out of any sectors in the S&P 500. Industries that hinge on the economic re-opening like restaurants, travel, and lodging all ended the day in the green. On Monday the S&P 500 faced its steepest decline since May while the Dow Jones saw its largest daily drop for the year. Here's where US indexes stood at the 4:00 pm ET close on Tuesday: JPMorgan's head of US equity strategy increased his year-end S&P 500 price target to 4,600 from 4,400, representing potential upside of 8% from Mon...
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A big sell-off in the stock market is unlikely for these 2 reasons, according to Fundstrat’s Tom Lee

Cindy Ord/Getty Images A large sell-off in the stock market is unlikely for 2 key reasons, Fundstrat's Tom Lee said in a note on Monday.Recent weakness in stocks can be largely attributed to rising COVID-19 cases, according to Lee."July chop ultimately a great set-up for risk assets to rally in 2H2021," Lee said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Recent weakness in the stock market will likely be short-lived and won't extend into a large decline for two key reasons, Fundstrat's Tom Lee said in a note on Monday.The stock market saw a steep drop to start this week, but Lee is maintaining a bullish outlook on steady bond yield spreads and a stable VIX term structure, according to the note.Bond yields being stable relative to Treasuries is a posi...
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Dow slides 300 points to cap off first weekly decline in a month amid inflation worries

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, New York, US, March 3, 2020. Andrew Kelly/Reuters US stocks fell on Friday and recorded their first weekly loss in a month, with stocks dropping about 1% as investor concerns about rising inflation continued to weigh on prospects of an economic recovery.On Thursday, Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen Both expressed concerns at the current pace of rising inflation and expect the trend to continue over the next few months before cooling down as supply chain disruptions are resolved.If inflation doesn't cool off soon, the Fed may be forced to hasten its hawkish policies like rolling back monthly bond purchases and raising interest rates, which could hurt risk assets like s...
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US stocks gain as jump in retail sales in June points to steady pace of economic recovery

Xinhua/Wang Ying/ Getty Images US stocks edged higher on Friday amid June retail sales data that showed a surprise increase of 0.6%, besting expectations of a 0.4% decline. US consumers spent $621 billion at retail stores in June, signaling that the ongoing economic recovery from the pandemic is accelerating as more people get vaccinated from COVID-19.The move higher in stocks came a day after a market sell-off that was spurred by investor concerns over rising inflation. Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen Both expressed concerns at the pace of rising inflation and expect the trend to continue over the next few months before cooling down as supply chain disruptions are resolved.Here's where US indexes stood shortly after the 9:30 am ET open on Friday: ...
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US stocks trade mixed as Powell reiterates in testimony that inflation will pass

A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City. Johannes Eisele/AFP via Getty Images US stocks rallied on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that inflation will pass.The benchmark S&P 500 index scaled close to all-time highs, while the Dow Jones Industrial Average also inched up. The Nasdaq composite fell slightly. The yield on the US 10-year Treasury slipped 6.1 basis points to 1.353%.The Fed chief said the US economic recovery still has further to go before the central bank considers tapering its asset purchases, according to prepared remarks ahead of his House Financial Services Committee testimony. Powell said the US job market "is still a ways off" from the prog...