US market rebounds, closes higher

Benchmark US indices snapped Monday’s losses to close higher on Tuesday, July 20. Wall Street had witnessed a broad selloff yesterday amid concerns about the increasing coronavirus cases. However, investors today rushed to buy more shares from Monday’s slump. Investors also looking forward to the second-quarter earnings of the tech companies after the major US banks reported robust earnings last week.

The S&P 500 was up 1.52% to 4,323.06. The Dow Jones Industrial Average increased 1.62% to 34,511.99. The NASDAQ Composite Index rose 1.57% to 14,498.88, and the small-cap Russell 2000 was up 2.99% to 2,194.30.

Today's trading marked a sharp reversal for Dow Jones, which lost more than 700 points yesterday. In contrast, around 91.1 percent of the 56 S&P 500 companies reportedly posted better-than-expected profit for the June quarter. Analysts are expecting S&P 500 earnings to soar 72.9 percent year over year in the quarter.

Ten among the eleven major sectors of the S&P 500 ended higher, with the financial and industrial sectors among the top movers. However, the healthcare sector closed lower in today's session.

The US Commerce Department reported a surge in the home building, while the home construction permit rate fell to an eight-month low in June. The privately-owned housing starts increased 6.3% to 1,643,000 units in June from 1,546,000 units the prior month. Meanwhile, permit for future home construction retreated 5.1% to 1,598,000 units from 1,683,000 units in May.

In corporate news, International Business Machines Corp. (NYSE: IBM) reported a solid second-quarter earnings report, beating analyst's expectations. In addition, the sales of the company increased 3.4% to US$18.7 billion for the quarter ended on June 30. IBM’s stock surged 1.44 percent.

READ MORE: IBM stock jumps after hours on Q2 topline growth

HCA Healthcare, Inc. (HCA) stocks rose 14.46% after the company improved its outlook for 2021 revenue and earnings. In the second quarter, HCA Healthcare earned US$1.450 billion, or US$4.36 per share, in net income on US$14.35 billion revenue.

READ MORE: Why NURO, HCA stocks are rallying on Tuesday?

Insurance firm Travelers Companies, Inc., posted a 17 percent year-over-year growth in its second quarter revenue to US$8.69 billion. Net income came in at US$879 million, or US$3.45 per share.

In the financial sector, Berkshire Hathaway Inc. (BRK-A) increased 1.56%, Visa Inc. (V) rose 1.43%, and JPMorgan Chase & Co. (JPM) gains 1.98%. Bank of America Corporation (BAC) and Mastercard Incorporated (MA) surged 2.55% and 2.99%, respectively.

In the industrial sector, United Parcel Service, Inc. (UPS) gains 0.47%, Honeywell International Inc. (HON) increased 3.60%, and Union Pacific Corporation (UNP) rose 0.67%. The Boeing Company (BA) and 3M Company (MMM) surged 4.87% and 1.69%, respectively. Caterpillar Inc. (CAT) advanced 2.50%.

In the healthcare sector, Johnson & Johnson (JNJ) rose 1.23%, Pfizer Inc. (PFE) increased 2.34%, and AstraZeneca PLC (AZN) gains 2.04%. Medtronic plc (MDT) advanced 2.49%, while Merck & Co., Inc. (MRK) declines 1.08%.

The meme stocks, GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) rose 7.97% and 14.61%. The tech giant Apple Inc. (AAPL) gains 2.96%, and the electronic agreement managing firm DocuSign, Inc. (DOCU) increased 5.31%. On the other hand, the tobacco manufacturing firm Philip Morris International Inc. (PM) fell 3.40%.

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Top Gainers

Top performers on S&P 500 included HCA Healthcare Inc (14.37%), American Airlines Group Inc (8.38%), Norwegian Cruise Line Holdings Ltd (8.28%), Royal Caribbean Cruises Ltd (7.74%). On NASDAQ, top performers were NeuroMetrix Inc (207.98%), Neurobo Pharmaceuticals Inc (40.78%), Nova LifeStyle Inc (36.89%), Ideal Power Inc (34.06%). On Dow Jones, Boeing Co (4.91%), Honeywell International Inc (4.08%), American Express Co (3.72%), Goldman Sachs Group Inc (2.83%) were the leaders.

Top Losers

Top laggards on S&P 500 included PPG Industries Inc (-4.38%), Omnicom Group Inc (-4.31%), Philip Morris International Inc (-3.06%), Clorox Co (-2.85%). On NASDAQ, Ardelyx Inc (-73.90%), Intrusion Inc (-49.88%), Datasea Inc (-37.87%), Allied Healthcare Products Inc (-30.41%). On Dow Jones, Merck & Co Inc (-1.14%), Procter & Gamble Co (-0.53%), Verizon Communications Inc (-0.47%), Travelers Companies Inc (-0.11%) were the laggards.

Volume Movers

Top volume movers were Alexion Pharmaceuticals Inc (47.36M), Apple Inc (22.85M), Bank of America Corp (15.13M), Honeywell International Inc (14.18M), General Electric Co (12.87M), Ford Motor Co (12.56M), Pfizer Inc (12.46M), Carnival Corp (10.51M), Microsoft Corp (9.62M), NVIDIA Corp (8.93M), Moderna Inc (42.51M), NeuroMetrix Inc (36.55M), AstraZeneca PLC (15.97M), Ardelyx Inc (15.19M), Neurobo Pharmaceuticals Inc (11.68M), Naked Brand Group Ltd (10.04M).

Futures & Commodities

Gold futures were up 0.06% to US$1,810.20 per ounce. Silver decreased 0.69% to US$24.970 per ounce, while copper rose 1.36% to US$4.2588.

Brent oil decreased 0.03% to US$68.62 per barrel and WTI crude was up 0.20% to US$66.48.

Bond Market

The 30-year Treasury bond yields was up 3.53% to 1.879, while the 10-year bond yields increased 3.74% to 1.225.

US Dollar Futures Index increased 0.09% to US$92.982.

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