US stocks close higher as focus shifts to quarterly earnings - Kalkine Media

July 12, 2021 02:56 PM PDT | By Sanjeeb Baruah
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All major US stock markets closed higher on Monday, July 12, ahead of the quarterly earnings reports and new economic data due to be released this week.

The S&P 500 was up 0.35% to 4,384.63. The Dow Jones rose 0.36% to 34,996.18. The NASDAQ Composite gained 0.21% to 14,733.24, and the small-cap Russell 2000 was up 0.08% to 2,281.83.

Traders are expected to keep a close watch on the quarterly earnings reports of companies due this week amid hopes of robust performance. Those to report this week include top financial companies. The economy-related stocks would be in focus buoyed by the rapid economic recovery.

According to Refinitiv, the S&P 500 companies are expected to gain over 65% in Q2.

Besides earnings reports, the government’s inflation and retail sales data would also be in focus. Addition, Fed Chair Jerome Powell is scheduled to testify before Congress on inflation and the monetary policy in a two-day session starting Wednesday.


Global Market Roundup || US Stocks Close Higher As Focus Shifts To Quarterly Earnings


The NASDAQ Composite and the S&P 500 hit record highs on Monday's trading, pulled up by the technology and financial stocks. Ten among 11 major sectors of the S&P 500 remained in positive territory, led by basic materials and the financial stocks, while consumer staple shares retreated.

In the corporate news, Richard Branson's space tourism company, Virgin Galactic Holdings said that it might sell up to US$500 million worth of shares a day after it completed its first manned test flight with its founder onboard. The Virgin Galactic stock (SPCE) plunged over 15% after the news.

Insurance company Liberty Mutual Holding Company has signed a joint agreement to acquire State Auto Financial Corporation for US$2.298 billion, or US$52 per share, in cash. The shares of STFC rose by over 193% following the announcement.

Meanwhile, dealmakers are expecting to see a new wave of mergers and acquisitions in the US as companies rush to close their deals before President Joe Biden's antitrust crackdown takes shape. Biden had signed an executive order last Friday to boost competition in the markets, asking the regulatory agencies to increase scrutiny of the agreements and mergers after around US$700 billion worth of deals were announced in the second quarter.

In other news, Tesla CEO Elon Musk testified in a court on Monday to shrug off the allegations of unfair methods used to acquire SolarCity. Tesla, Inc. (TSLA) stock surged 4.04% after the statement.

Shares of Taiwan Semiconductor Manufacturing Company Limited (TSM) increased by 1.61%, NVIDIA Corporation (NVDA) gained 1.77%, and ASML Holdings N.V. jumped 2.08%. Adobe Inc. fell 0.97% while Intel Corporation advanced 1.01%.

Goldman Sachs Group, Inc. (GS), JP Morgan Chase & Co. (JPM), the Bank of America Corporation (BAC), and other big US banks are expected to release their earnings report this week. The JPM stock rose by 1.60%, BAC gained 1.50%, and Mastercard Incorporated (MA) went up by 0.53% ahead of their financial statements. GS advanced 2.60% while Wells Fargo & Company (WFC) fell 0.32%.

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In the consumer sector, Walmart Inc. (WMT) stock decreased by 0.26%, Costco Wholesale Corporation (COST) fell 1.23%, and Philip Morris International Inc. (PM) lose 0.85%. The Procter & Gamble Company (PG) ticked down 0.20%, while Target Corporation (TGT) advanced 1.38%.

In the crypto world, Coinbase Global, Inc. (COIN) decreased by 2.44%, and Bitcoin (BTC) and Ethereum (ETH) dropped 2.84% and 5.26%, respectively.

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Top Gainers

Top performers on S&P 500 included Albemarle Corp (6.83%), Tesla Inc (4.38%), L Brands Inc (4.16%), Walt Disney Co (4.15%). On NASDAQ, top performers were Mediaco Holding Inc (311.62%), State Auto Financial Corp (190.96%), SGOCO Group Ltd (104.29%), Scworx Corp (59.28%). On Dow Jones, Walt Disney Co (4.15%), Goldman Sachs Group Inc (2.35%), JPMorgan Chase & Co (1.43%), Intel Corp (1.32%) were the leaders.

Top Losers

Top laggards on S&P 500 included HP Inc (-2.76%), Biogen Inc (-2.55%), F5 Networks Inc (-2.54%), Charter Communications Inc (-2.26%). On NASDAQ, Toughbuilt Industries Inc (-32.86%), UTStarcom Holdings Corp (-19.39%), Newegg Commerce Inc (-18.63%), Nova LifeStyle Inc (-18.22%). On Dow Jones, Cisco Systems Inc (-0.95%), Salesforce.Com Inc (-0.88%), Merck & Co Inc (-0.56%), Boeing Co (-0.54%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (16.00M), Bank of America Corp (10.13M), General Electric Co (8.98M), AT&T Inc (8.97M), Ford Motor Co (8.70M), Pfizer Inc (8.00M), SGOCO Group Ltd (24.04M), Exela Technologies Inc (22.62M), Toughbuilt Industries Inc (16.67M), Cemtrex Inc (12.50M), Mediaco Holding Inc (12.21M), Mer Telemanagement Solutions Ltd (10.96M), Scworx Corp (7.91M), Sundial Growers Inc (7.33M).

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Futures & Commodities

Gold futures were down 0.22% to US$1,806.65 per ounce. Silver increased 0.24% to US$26.297 per ounce, while copper fell 0.39% to US$4.3285.

Brent oil decreased 0.42% to US$75.23 per barrel and WTI crude was down 0.54% to US$74.16.

Bond Market

The 30-year Treasury bond yields was up 0.88% to 2.000, while the 10-year bond yields increased 0.87% to 1.368.

US Dollar Futures Index increased 0.13% to US$92.235


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