Dow, S&P 500 see record close on positive economic outlook

August 13, 2021 05:44 PM PDT | By Sanjeeb Baruah

Google News:

Dow, S&P 500 see record close on positive economic outlook — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Recent News

Kalkine Valens Semiconductor Joins NYSE Composite Amid Rising Sector A...

Kalkine FinVolution Group’s Role in the NYSE Composite Landscape

CoreCard Co. Listed in Russell 1000 Index by Kalkine

S&P 500 Chart with Kalkine Key Trends and Market Movements

The Dow Jones Industrial Average and the S&P 500 closed the week at record highs on Friday, August 13, after better-than-expected quarterly results of some companies this week turbocharged the investors to bet on risky assets or slow-moving economy-linked stocks.

The Nasdaq Composite saw muted gains after tech heavyweights like Apple and Tesla retreated. The S&P 500 was up 0.16% to 4,468.00. The Dow Jones rose 0.04% to 35,515.38. The NASDAQ Composite rose 0.04% to 14,822.90, and the small-cap Russell 2000 was down 0.93% to 2,223.11.

Investors seemed unworried over the delta virus as solid quarterly earnings kept them in high spirits. Biden’s US$1 trillion infrastructure bill passed by the Senate this week added to their enthusiasm.

Markets will also eagerly wait for the Fed meeting at Jackson Hole, Wyoming, later this month. The central bank is expected to review the monetary policy at the monthly meeting. The new labor data showed inflation slowed in July, while the PPI rose to its highest level since 2010.

Consumer staples and real estate stocks were the top gainers on Friday’s trading. Technology saw muted gains but provided the biggest boost to the S&P 500. Six of the 11 segments of the index stayed in the green. Financial and energy stocks were the bottom movers. Around 86% of the S&P 500 companies that reported earnings so far have topped Wall Street expectations.

Shares of The Walt Disney Company (DIS) surged 1.29% in the intraday session after posting strong results the previous day. Its revenue surged 45% YoY to US$17.02 billion.

Trending Updates from US, UK & Australian Markets

Holiday rental company Airbnb’s revenue jumped around 299% YoY to US$1.34 billion. Its net loss declined more than 88% to US$68 million, compared to US$585.6 million in the prior year's quarter. However, Airbnb (ABNB) shares were down 0.38% on Friday, a day after the results.

Likewise, DoorDash’s June quarter revenue rose 83.1% YoY to US$1.24 billion. Its adjusted EBITDA rose 43% YoY to US$113 million. The DASH stock was up 1.08% after the results on Thursday.

In real estate stocks, American Tower Corporation (AMT) gained 0.81%, Prologis Inc. (PLD) surged 1.30%, and Welltower Inc. (WELL) increased by 1.50%. Digital Realty Trust Inc. (DLR) and SBA Communications Corporation (SBAC) advanced 0.86% and 0.92%, respectively.

In healthcare stocks, UnitedHealth Group Incorporated (UNH) increased by 0.84%, Pfizer Inc. (PFE) rose 2.24%, and Novo Nordisk A/S gained 1.09%. AstraZeneca PLC (AZN) and Novartis AG (NVS) surged 1.77% and 1.00%.

In the energy sector, stocks of Exxon Mobil Corporation declined 0.88%, Royal Dutch Shell (RDS-A) dropped 1.46%, and PetroChina Company Limited (PTR) decreased by 1.18%. BP p.l.c. (BP) and ConocoPhillips (COP) also plunged 1.63% and 1.65%, respectively.

In the crypto world, Coinbase Global Inc. (COIN) gained 1.77%, Bitcoin (BTC) jumped 4.55%, and Ethereum (ETH) gained 5.58%.

Also Read: Five hot cybersecurity stocks on radar amid ransomware threat

Also Read: Watch out! Five penny stocks outperforming the micro-cap index

Top Gainers

Top performers on S&P 500 included eBay Inc (7.45%), Advanced Micro Devices Inc (3.80%), Regeneron Pharmaceuticals Inc (2.76%), Pfizer Inc (2.62%). On NASDAQ, top performers were Greenvision Acquisition Corp (59.09%), PharmaCyte Biotech Inc (43.42%), Flora Growth Corp (35.97%), BIOLASE Inc (25.06%). On Dow Jones, Salesforce.Com Inc (1.28%), Microsoft Corp (1.05%), Walt Disney Co (1.00%), UnitedHealth Group Inc (0.91%) were the leaders.

Top Losers

Top laggards on S&P 500 included APA Corp (US) (-5.50%), Diamondback Energy Inc (-4.70%), HP Inc (-4.57%), Occidental Petroleum Corp (-4.02%). On NASDAQ, Sesen Bio Inc (-57.03%), Soc Telemed Inc (-33.73%), Honest Company Inc (-28.33%), Longeveron Inc (-27.91%). On Dow Jones, Boeing Co (-1.56%), American Express Co (-1.45%), JPMorgan Chase & Co (-1.12%), Goldman Sachs Group Inc (-1.02%) were the laggards.

Volume Movers

Top volume movers were Advanced Micro Devices Inc (13.90M), Apple Inc (11.05M), Bank of America Corp (10.00M), Ford Motor Co (6.95M), ContextLogic Inc (31.43M), Sesen Bio Inc (29.51M), BIOLASE Inc (16.54M), Sundial Growers Inc (13.71M), Support.com Inc (8.69M), SoFi Technologies Inc (7.78M), Zynga Inc (6.86M).

Also Read: Six auto stocks to explore as the industry heralds a green era

Futures & Commodities

Gold futures were up 1.66% to US$1,780.80 per ounce. Silver increased by 2.55% to US$23.705 per ounce, while copper rose 0.07% to US$4.3630.

Brent oil futures decreased by 1.60% to US$70.17 per barrel and WTI crude was down 1.65% to US$67.95.

Bond Market

The 30-year Treasury bond yields was down 4.52% to 1.934, while the 10-year bond yields declined 6.12% to 1.283.

US Dollar Futures Index decreased by 0.56% to US$92.517.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.