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Benchmark US indices closed higher on Tuesday, April 19, as better-than expected quarterly results lifted investors’ sentiments.
The S&P 500 up 1.61% to 4,462.21. The Dow Jones rose 1.45% to 34,911.20. The NASDAQ Composite increased by 2.15% to 13,619.66, and the small-cap Russell 2000 was up 2.04% to 2,030.77.
Mega-cap stocks saw robust gains on Tuesday even as treasury yields extended gains. Investors kept a close watch on the earnings in the backdrop of various negative trends.
The Commerce Department on Tuesday said the US single-family homebuilding permits tumbled in March as higher mortgage rates raised construction costs. It added that residential construction activities remained firm due to strong housing demand. The data showed that despite a record backlog of homes approved for construction, they were yet to be started.
Technology, consumer discretionary and real estate sectors were among the biggest gainers in the S&P 500 index on Tuesday. Ten of the 11 sectors of the index stayed in the positive territory. The energy sector was the top loser.
Of the 49 S&P 500 companies that reported earnings so far, over 79% beat Wall Street’s profit estimates.
In corporate earnings, Johnson & Johnson’s (JNJ) first-quarter earnings topped Wall Street estimates. It raised the quarterly dividend after the results. The JNJ stock soared 2.98% in intraday trading.
Shares of The Travelers Companies, Inc. (TRV) plummeted 5.43% after beating earnings estimates.
Netflix Inc. (NFLX) and International Business Machines Corp. (IBM) were due to report after the market close. Both NFLX and IBM stocks gained 2.58% and 1.89%, respectively, in the regular session.
Travel stocks rallied on Tuesday after a federal judge ruled that wearing masks is no longer mandatory for travelers in the US. American Airlines Group Inc. (AAL) and Southwest Airlines Co. (LUV) jumped 4.61% and 2.03%, respectively.
In the technology sector, Apple Inc. (AAPL) increased by 1.41%, Microsoft Corporation (MSFT) gained 1.70%, and NVIDIA Corporation (NVDA) surged by 1.91%. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) advanced 1.91% and 1.90%, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) grew 3.49%, Tesla, Inc. (TSLA) soared 2.38%, and The Home Depot, Inc. (HD) jumped 2.59%. Nike, Inc. (NKE) and McDonald's Corporation (MCD) ticked up 3.20% and 1.80%, respectively.
In the energy sector, Chevron Corporation (CVX) decreased by 1.14%, PetroChina Company Limited (PTR) declined by 1.48%, and ConocoPhillips (COP) fell by 1.74%. Equinor ASA (EQNR) and EOG Resources, Inc. (EOG) tumbled 1.73% and 1.23%, respectively.
In the crypto space, Bitcoin (BTC) and Ethereum (ETH) increased by 1.25% and 2.74% to US$41,320.28 and US$3,096.56, respectively. The global crypto market surged 2.32% to US$1.92 trillion at 4:11 pm ET.
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Futures & Commodities
Gold futures were down 1.73% to US$1,951.95 per ounce. Silver decreased by 3.31% to US$25.285 per ounce, while copper fell 2.10% to US$4.7012.
Brent oil futures decreased by 5.17% to US$107.31 per barrel and WTI crude was down 4.95% to US$102.28.
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Bond Market
The 30-year Treasury bond yields were up 1.39% to 2.994, while the 10-year bond yields rose 2.80% to 2.942.
US Dollar Futures Index increased by 0.22% to US$100.985.
