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The S&P 500 index and Dow Jones Industrial Average edged higher on Wednesday, August 11, after the utility and basic materials stocks advanced amid a positive economic outlook.
The S&P 500 was up 0.25% to 4,447.70. The Dow Jones rose 0.62% to 35,484.97. The NASDAQ Composite Index fell 0.16% to 14,765.14, and the small-cap Russell 2000 was up 0.49% to 2,250.34.
US consumer price index (CPI) rose marginally by 0.5% last month compared to 0.9% in June, according to the latest inflation data released by the Labor Department Wednesday.
The figures showed that inflation might have peaked although remained significantly high on a yearly basis at 5.4% in the 12 months ended July 31.
Markets were in high spirits a day after the US senators passed a US$1 trillion infrastructure spending bill. It will now go to the House of Representatives for a final greenlight.
Meanwhile, another spending bill of US$3.5 trillion is being discussed to take care of other government priorities like climate change and poverty.
On Wednesday’ session, utility, basic materials, and industrial stocks led the S&P 500 segments. Eight sectors of the index stayed in the green. Healthcare stocks were the bottom movers.
American cybersecurity firm NortonLifeLock Inc. (NLOK) has agreed to acquire its European rival Avast in an US$8.6 billion deal. Shares of NortonLifeLock surged 8.32% after the news.
Coinbase Global Inc. (COIN) stocks rose 2.42% after the company exceeded analysts' expectations in Q2. Its net profit jumped 4,900% YoY to US$1.6 billion on a revenue of US$2.23 billion. Its EPS came in at US$3.45.
Shares of Virgin Galactic Holdings Inc. (SPCE) plunged 14.33% in intraday trading after analysts changed the stock status from "equal-weight" to "underweight".
AI lending platform Upstart Holdings Inc. (UPST) stocks rose 19.07% after reporting Q2 earnings. Its revenue soared 1018% YoY to US$194 million, with an adjusted net income of US$58.5 million.
In the industrial sector, Union Pacific Corporation (UNP) rose 1.95%, Deere & Company (DE) gained 2.03%, and Caterpillar Inc. (CAT) rose 3.58%. CSX Corporation (CSX) and Norfolk Southern Corporation (NSC) advanced 2.88% and 2.22%, respectively.
Also Read: Top 5 infra stocks to explore after Biden’s big building plan
In utility stocks, NextEra Energy Inc. (NEE) gained 2.22%, The Southern Company (SO) rose 0.77%, and Exelon Corporation (EXC) rose 1.15%. Edison International (EIX) and Entergy Corporation (ETR) progressed 1.99% and 0.84%.
In the healthcare sector, UnitedHealth Group Incorporated (UNH) fell 0.62%, Pfizer Inc. (PFE) dropped 3.79%, and Eli Lilly and Company (LLY) declined by 1.25%. Moderna Inc. (MRNA) and AbbVie Inc. (ABBV) slipped 16.29% and 1.03%, respectively.
In the crypto world, Bitcoin (BTC) and Ethereum (ETH) ticked up 1.86% and 3.57%.
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Also Read: FuboTV (FUBO), Upstart (UPST) stocks zoom after solid Q2 results
Top Gainers
Top performers on S&P 500 included NortonLifeLock Inc (8.70%), United Rentals Inc (4.98%), Nucor Corp (3.91%), Paccar Inc (3.80%). On NASDAQ, top performers were Rani Therapeutics Holdings Inc (50.51%), Dyadic International Inc (47.08%), Upstart Holdings Inc (26.18%), CohBar Inc (25.58%). On Dow Jones, Caterpillar Inc (3.55%), Walgreens Boots Alliance Inc (2.66%), Dow Inc (1.77%), Home Depot Inc (1.67%) were the leaders.
Top Losers
Top laggards on S&P 500 included Moderna Inc (-15.64%), Perrigo Company PLC (-12.57%), Pfizer Inc (-3.90%), ABIOMED Inc (-3.85%). On NASDAQ, HyreCar Inc (-48.48%), AppHarvest Inc (-28.91%), Biodesix Inc (-26.32%), WW International Inc (-24.56%). On Dow Jones, Visa Inc (-1.26%), UnitedHealth Group Inc (-0.98%), Nike Inc (-0.58%), Salesforce.Com Inc (-0.46%) were the laggards.
Volume Movers
Top volume movers were Bank of America Corp (13.47M), Moderna Inc (11.55M), Pfizer Inc (11.22M), Advanced Micro Devices Inc (10.90M), Apple Inc (10.13M), Ford Motor Co (7.26M), CohBar In (16.57M), Zynga Inc (9.68M), Dyadic International Inc (9.35M), Orphazyme A/S (8.34M), Fulcrum Therapeutics Inc (8.22M).
Also Read: Can these 5 green EV stocks be the blue chips of future?
Futures & Commodities
Gold futures were up 1.24% to US$1,753.10 per ounce. Silver increased by 0.53% to US$23.515 per ounce, while copper rose 0.31% to US$4.3673.
Brent oil futures increased by 0.01% to US$71.59 per barrel and WTI crude was up 1.57% to US$69.36.
Bond Market
The 30-year Treasury bond yields was up 0.85% to 2.001, while the 10-year bond yields fell 0.49% to 1.335.
US Dollar Futures Index decreased by 0.16% to US$92.907.
