US stocks edge higher as big tech firms reap gains

The S&P 500 was up 1.05% to 4,345.72. The Dow Jones rose 0.92% to 34,314.67. The NASDAQ Composite rose 1.25% to 14,433.83, and the small-cap Russell 2000 was up 0.49% to 2,228.36.

The Commerce Department said on Tuesday that the US trade deficit hit a record high of US$73.3 billion in August. US goods exports were US$149.7 billion in the same month, the data showed.

Traders will now eagerly wait for the Labor Department’s payroll data on Friday. It gives a weekly analysis of the labor market’s progress, one of the key metrics  to gauge the economic recovery.

Technology, financial, and communication stocks were the top movers on S&P 500. Nine of the 11 index segments stayed in the green. Real estate and utility stocks were the bottom movers.

How did global markets perform yesterday?

PepsiCo, Inc. (PEP) stock gained 1.02% after reporting quarterly results on Tuesday. It reported revenue of US$20.18 billion in Q3, FY21, while its net income was US$2.24 billion. It now expects its organic revenue growth to be 8%, up from its previous forecast of 6%.

Shares of Ocugen, Inc. (OCGN) rose 1.56% after it signed an agreement with Indian biotech firm Bharat Biotech for a Covid-19 vaccine. Meanwhile, the World Health Organization (WHO) is expected to finalize on the emergency use of Covaxin developed by Bharat Biotech and Ocugen.

SmileDirectClub, Inc. (SDC) stock rose over 14% after the oral care company announced that it might get a patent for its SmileBus concept from the US Patent & Trademark Office (USPTO).

In the financial sector, Berkshire Hathaway Inc. (BRK.B) rose 2.12%, JPMorgan Chase & Co. (JPM) rose 1.48%, and Bank of America Corporation (BAC) gained 2.48%. Wells Fargo & Company (WFC) and Morgan Stanley (MS) advanced 2.49% and 2.23%, respectively.

In technology stocks, Apple Inc. (AAPL) gained 2.16%, Microsoft Corporation (MSFT) rose 2.42%, and NVIDIA Corporation (NVDA) rose 4.38%. Adobe Inc. (ADBE) and Oracle Corporation (ORCL) gained 2.01% and 2.81%, respectively.

In the communication sector, Alphabet Inc. (GOOGL) increased by 2.62%, Facebook, Inc. (FB) rose 2.19%, and The Walt Disney Company (DIS) gained 1.39%. Netflix, Inc. (NFLX) and Twitter Inc. (TWTR) jumped 6.02% and 3.14%, respectively.

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Futures & Commodities

Gold futures were down 0.38% to US$1,760.90 per ounce. Silver decreased by 0.08% to US$22.625 per ounce, while copper fell 1.31% to US$4.1830.

Brent oil futures increased by 1.71% to US$82.65 per barrel and WTI crude was up 1.78% to US$79.00.

Bond Market

The 30-year Treasury bond yields was up 2.59% to 2.101, while the 10-year bond yields rose 3.61% to 1.534.

US Dollar Futures Index increased by 0.21% to US$93.977.