US stock edge higher after GDP data; META, PFE decline

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US stock edge higher after GDP data; META, PFE decline

 US stock edge higher after GDP data; META, PFE decline
Image source: © Albo |

Wall Street indices extended gains on Thursday, July 28, after key data showed that the US economic health contracted further in the second quarter, easing concerns that the Fed may not turn more hawkish to bring down the decades-high inflation.

The S&P 500 rose 1.21% to 4,072.43. The Dow Jones was up 1.03% to 32,529.63. The NASDAQ Composite added 1.08% to 12,162.59, and the small-cap Russell 2000 rose 1.34% to 1,873.03.

The Commerce Department data on Thursday showed that the US GDP fell at a rate of 0.9% annually in Q2 2022, marking a second straight quarter of decline. In the first quarter of this year, the GDP fell 1.6 per cent YoY.

Some investors seem to be concerned about the decline in the economy while fearing that it is headed towards a recession.

On the other hand, it has also eased concerns that the Federal Reserve might not provide more hawkish decisions as the market had anticipated earlier due to the cooling economy.

The stocks rallied on Wednesday following the Fed's announcement of a 75 basis point hike for the second-straight month.

Ten of the 11 segments of the S&P 500 index stayed in the positive territory. Information technology, consumer discretionary, and health care sectors were the top movers. The communication services sector was the laggard.

Shares of the social media giant, Meta Platforms, Inc. (NASDAQ: META) fell 5.59% in intraday trading, a day after the company reported a slump in its quarterly revenue for the first time.

The pharmaceutical and biotechnology firm, Pfizer, Inc. (PFE) tumbled 1.37%, despite the company reporting solid profit and revenue. However, the company didn't raise its sales guidance for the year.

Honeywell International Inc. (HON) added 3.65% after the building technologies firm reported strong second-quarter earnings results on Thursday.

Big companies like Apple Inc. (AAPL) and, Inc. (AMZN) are due to report their earnings after the market closes on July 28.

In the technology sector, Microsoft Corporation (MSFT) rose 2.85%, NVIDIA Corporation (NVDA) soared 1.09%, and ASML Holding N.V. (ASML) advanced 2.66%. Broadcom Inc. (AVGO) and Oracle Corporation (ORCL) increased by 1.10% and 1.53%, respectively.

In health care stocks, UnitedHealth Group Incorporated (UNH) added 1.29%, Thermo Fisher Scientific Inc. (TMO) surged 2.70%, and Danaher Corporation (DHR) grew 3.20%. Elevance Health Inc. (ELV) and Zoetis Inc. (ZTS) ticked up 1.65% and 2.70%, respectively.

In the communication services sector, Comcast Corporation (CMCSA) fell 9.13%, Charter Communications, Inc. (CHTR) slipped 8.48%, and Orange S.A. (ORAN) tumbled 2.52%. Alphabet Inc. (GOOGL) and Verizon Communications Inc. (VZ) added 1.03% and 1.43%, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) soared 4.93% and 8.80%, respectively, in the last 24 hours. The global crypto market cap climbed 5.39% to US$1.10 trillion at 4:25 pm ET on July 28.

Top movers & losers in the US stock market on July 28

Futures & Commodities

Gold futures were up 2.05% to US$1,754.30 per ounce. Silver increased by 7.40% to US$19.977 per ounce, while copper rose 1.71% to US$3.4888.

Brent oil futures increased by 0.59% to US$102.26 per barrel and WTI crude was down 0.14% to US$97.12.

Top volume movers in the US stock market on July 28

Bond Market

The 30-year Treasury bond yields were up 0.34% to 3.012, while the 10-year bond yields fell 2.45% to 2.665.

US Dollar Futures Index decreased by 0.26% to US$106.055.


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