US stocks rally after strong earnings and economic data; PING, PYPL rise

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Wall Street indices reversed course from the downward trend on Wednesday, August 3, after strong corporate earnings and better-than-anticipated economic data lifted market sentiments.

The S&P 500 rose 1.56 per cent to 4,155.17. The Dow Jones was up 1.29 per cent to 32,812.50. The NASDAQ Composite added 2.59 per cent to 12,668.16, and the small-cap Russell 2000 rose 1.41 per cent to 1,908.93.

The investors have shrugged off concerns fuelled by the comments of the policymakers on Tuesday. Meanwhile, Federal Reserve President of Richmond, Thomas Barkin, recapitulates the policymaker's previous comment while saying that the central bank would stay on its path to bring down the inflation under its two per cent target.

However, the fresh set of earnings has lifted the market spirit, which has dampened this week due to the absence of any positive catalyst, the Fed's hawkish comments, and mounting US-China tension.

In economic data, new orders for US-manufactured goods witnessed solid growth in June, indicating that the manufacturing strength remained stable despite the interest rate hikes.

According to the Commerce Department's report of August 3, the US factory orders soared two per cent in June, following a surge of 1.8 per cent in the previous month, the Commerce Department reported on Wednesday.

On Wednesday, Ten of the 11 segments of the S&P 500 index stayed in the positive territory, with information technology and consumer discretionary providing the highest boost. The energy sector was the laggard.

Shares of Ping Identity Holding Corp. (PING) jumped 60.39 per cent after the technology firm reported its quarterly earnings on Wednesday. In addition, the private-equity firm, Thoma Bravo LLC would acquire the software company for about US$ 2.8 billion, Ping Identity said in a statement.

PayPal Holdings, Inc. (PYPL) gained over nine per cent on Wednesday, after the financial technology firm reported its earnings. Additionally, the company has also raised its guidance for annual profit.

CVS Health Corporation (CVS) soared more than six per cent in the intraday session after the healthcare firm posted strong quarterly financial results while raising its annual profit guidance.

Moderna, Inc. (MRNA) jumped over 15 per cent after the healthcare firm announced a share buyback plan of US$ 3 billion.

In the technology sector, Apple Inc. (AAPL) increased by 3.82 per cent, Microsoft Corporation (MSFT) soared 2.78 per cent, and NVIDIA Corporation (NVDA) jumped 1.98 per cent. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) advanced 3.23 per cent and 2.92 per cent, respectively.

In consumer discretionary stocks,, Inc. (AMZN) added 4.00 per cent, Tesla, Inc. (TSLA) rose 2.27 per cent, and The Home Depot, Inc. (HD) gained 1.88 per cent. Nike, Inc. (NKE) and Lowe's Companies, Inc. (LOW) surged 2.25 per cent and 3.97 per cent, respectively.

In the energy sector, Exxon Mobil Corporation (XOM) decreased by 3.24 per cent, Chevron Corporation (CVX) fell 2.38 per cent, and Equinor ASA (EQNR) declined 1.88 per cent. ConocoPhillips (COP) and EOG Resources, Inc. (EOG) plummeted by 3.58 per cent and 3.34 per cent, respectively.

In the crypto space, Bitcoin (BTC) gained 1.37 per cent while Ethereum (ETH) fell 0.06 per cent, in the last 24 hours. The global crypto market cap rose 1.48 per cent to US$1.08 trillion at 4:26 pm ET on August 3.

Futures & Commodities

Gold futures were down 0.46 per cent to US$1,781.55 per ounce. Silver decreased by 0.56 per cent to US$20.027 per ounce, while copper fell 1.23 per cent to US$3.4752.

Brent oil futures decreased by 3.52 per cent to US$97.00 per barrel and WTI crude was down 3.82 per cent to US$90.81.

Bond Market

The 30-year Treasury bond yields were down 0.98 per cent to 2.955, while the 10-year bond yields fell 1.06 per cent to 2.712.

US Dollar Futures Index increased by 0.14% to US$106.257.



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