Benchmark US indices closed the week on a positive note on Friday, June 25, as stocks saw broad gains led by financials despite some minor pushback from the tech segment.
The S&P 500 was up 0.33% to 4,280.70. The Dow Jones gained 0.69% to 34,433.84. The NASDAQ Composite Index shed 0.06% to 14,360.39, and the small-cap Russell 2000 was up 0.03% to 2,334.40.
The blue-chip index rallied to another record close on Friday as financial stocks gained. Seven of the key 11 sectors on the S&P 500 were in positive territory, while the utility segment trailed.
Shares of used car retailer Carmax, Inc. jumped 6.05% after robust quarterly earnings on the back of likely pandemic-induced demand for personal vehicles over public transport. Also, the stock of spaceflight company Virgin Galactic Holdings, Inc. (SPCE) rose more than 33% after announcing that it received a clearance from the Federal Aviation Administration to fly customers to space.
The announcement comes after Virgin Galactic's rival, Blue Origin LLC, said earlier this month that it would fly its first crewed flight to space in July with its founder Jeff Bezos.
Electronic company Panasonic Corporation (PCRFY) said on Friday that it sold all its stakes in Tesla, Inc. (TSLA) for US$3.6 billion. Panasonic stock soared 3.99%, while Tesla shed 0.75% after the news.
Nike, Inc. (NKE) stock jumped over 15% at the market close following its robust earnings report a day before. The stock's strong performance helped boost the S&P 500 index.
In financial stocks, JP Morgan Chase & Co. (JPM) gained 1.04%, Bank of America Corp (BAC) rose 2.14%, and Visa Inc. went up by 0.84%. PayPal Holdings, Inc. (PYPL) and Wells Fargo & Company (WFC-PL) declined 1.10% and 0.83%, respectively. Shares of Netflix, Inc. (NFLX) surged 2.03%.
In tech stocks, Nvidia Corp (NVDA) declined 0.81%, Microsoft Corp (MSFT) shed 0.35%, and ASML Holdings (ASML) dropped 0.87%. Accenture Plc (ACN) and Sony Group Corp (SONY) gained 1.05% and 1.64%, respectively.
FedEx Corp (FDX) stock fell 3.53% after it failed to provide earnings forecast for 2022 amid hiring and cost concerns despite robust quarterly and annual earnings report a day earlier.
In cryptocurrency stocks, Coinbase Global, Inc. (COIN) fell 2.63%, Bitcoin (BTC) lost 7.84%, while Ethereum (ETH) declined 8.45%. On the other hand, Nokia Corp (NOK) jumped 7.15%.
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Top performers on S&P 500 included Nike Inc (15.53%), Carmax Inc (6.67%), Occidental Petroleum Corp (3.69%), Lincoln National Corp (3.63%). On NASDAQ, top performers were Ikonics Corp (64.25%), Fuwei Films (Holdings) Co Ltd (34.27%), Osmotica Pharmaceuticals PLC (33.10%), Alfi Inc (33.07%). On Dow Jones, Nike Inc (15.53%), Edison International (3.11%), American Electric Power Company Inc (2.32%), Matson Inc (2.22%) were the leaders.
Top laggards on S&P 500 included FedEx Corp (-3.63%), Caesars Entertainment Inc (-2.20%), Waters Corp (-1.97%), Synopsys Inc (-1.76%). On NASDAQ, Globus Maritime Ltd (-26.53%), Oasis Midstream Partners LP (-15.61%), Femasys Inc (-13.55%), Biomea Fusion Inc (-12.33%). On Dow Jones, FedEx Corp (-3.63%), Caterpillar Inc (-1.38%), JetBlue Airways Corp (-1.09%), Delta Air Lines Inc (-1.07%) were the laggards.
Top volume movers were Ford Motor Co (39.79M), Apple Inc (25.10M), Bank of America Corp (18.11M), Wells Fargo & Co (16.47M), Freeport-McMoRan Inc (16.27M), Merck & Co Inc (16.17M), Linde PLC (14.13M), Caesars Entertainment Inc (13.28M), Penn National Gaming Inc (12.07M), Procter & Gamble Co (10.68M), Ideanomics Inc (43.77M), Tonix Pharmaceuticals Holding Corp (36.35M), Mind Medicine (MindMed) Inc (31.40M), Bionano Genomics Inc (30.93M), Genius Brands International Inc (28.22M), Plug Power Inc (26.53M), 9 Meters Biopharma Inc (23.09M), Torchlight Energy Resources Inc (21.96M), Atossa Therapeutics Inc (21.78M), Microsoft Corp (10.40M).
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Futures & Commodities
Gold futures were up 0.28% to US$1,781.70 per ounce. Silver increased 0.51% to US$26.183 per ounce, while copper fell 0.80% to US$4.2767.
Brent oil was up 0.74% to US$76.12 per barrel and WTI crude rose 0.95% to US$74.00.
The 30-year Treasury bond yields was up 2.66% to 2.151, while the 10-year bond yields gained 2.50% to 1.524.
US Dollar Futures Index remained flat at US$91.797.