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Benchmark US indices snapped their declines to end higher on Wednesday, August 24, as investors seem to have regained confidence in the mega-cap growth stocks ahead of big tech earnings. Big tech firms, Nvidia Corporation (NVDA) and Salesforce Inc. (CRM) would report their earnings after the closing bell on Wednesday.
The S&P 500 rose 0.29 per cent to 4,140.77. The Dow Jones was up 0.18 per cent to 32,969.23. The NASDAQ Composite added 0.41 per cent to 12,431.53, and the small-cap Russell 2000 rose 0.84 per cent to 1,935.29.
Meanwhile, the investors are eagerly waiting for the central bank's annual economic policy meeting that would begin on Thursday. The Federal Reserve Chair Jerome Powell is likely to provide cues on the future pace of interest rate hikes on Friday.
With all eyes on Jackson Hole, the investors also kept a close watch on President Joe Biden's announcement that the US government would cancel US$ 10,000 in student loans for millions of Americans.
All the 11 segments of the S&P 500 index stayed in the positive territory, with energy and consumer discretionary sectors advancing the most.
Shares of Intuit Inc. (INTU) soared over three per cent in the intraday trading on Wednesday, a day after the software firm specializing in the financial segment reported strong quarterly earnings, and announced a share buyback plan while raising its dividend.
Peloton Interactive, Inc. (PTON) gained over 20 per cent in the intraday session on August 24, after the exercise instrument firm said that it would start selling its products, which includes bikes and apparel through Amazon's platform. The announcement marked Peloton's effort in expanding its customer base following a post-pandemic decline.
Nordstrom, Inc. (JWN) slipped nearly 20 per cent on Wednesday, after the department store chain operator trimmed its annual revenue and profit guidance, citing a decline in consumer spending.
In the energy sector, ConocoPhillips (COP) increased by 1.91 per cent, PetroChina Company Limited (PTR) gained 1.68 per cent, and Equinor ASA (EQNR) soared by 2.49 per cent. EOG Resources, Inc. (EOG) and Occidental Petroleum Corporation (OXY) advanced 1.74 per cent and 1.52 per cent, respectively.
In consumer discretionary stocks, Alibaba Group Holding Limited (BABA) jumped 2.99 per cent, Starbucks Corporation (SBUX) added 1.61 per cent, and JD.com, Inc. (JD) surged 3.92 per cent. Airbnb, Inc. (ABNB) and Ford Motor Company (F) ticked up 2.61 per cent and 1.31 per cent, respectively.
In the industrial sector, Raytheon Technologies Corporation (RTX) rose 0.95 per cent, Deere & Company (DE) climbed 1.73 per cent, and The Boeing Company (BA) was up 2.21 per cent. Northrop Grumman Corporation (NOC) and Delta Air Lines, Inc. (DAL) gained 1.24 per cent and 1.34 per cent, respectively.
Futures & Commodities
Gold futures were up 0.22 per cent to US$1,765.10 per ounce. Silver decreased by 0.24 per cent to US$18.980 per ounce, while copper fell 1.52 per cent to US$3.6392.
Brent oil futures increased by 1.53 per cent to US$101.75 per barrel and WTI crude was up 1.70 per cent to US$95.33.
Bond Market
The 30-year Treasury bond yields were up 1.89 per cent to 3.317, while the 10-year bond yields rose 1.82 per cent to 3.109.
US Dollar Futures Index increased by 0.02 per cent to US$108.578.
