US stocks rise on vaccine hopes, positive economic outlook

4 min read | August 25, 2021 08:01 AM AEST | By Sanjeeb Baruah

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US stocks rise on vaccine hopes, positive economic outlook — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Benchmark S&P 500 and NASDAQ composite closed at record highs for the second consecutive day on Tuesday, August 24, after significant gains in consumer discretionary and energy segments.

The S&P 500 was up 0.15% to 4,486.23. The Dow Jones rose 0.09% to 35,366.26. The NASDAQ Composite gained 0.52% to 15,019.80, and the small-cap Russell 2000 was up 1.02% to 2,230.91.

Investors were optimistic of a speedy recovery from the pandemic a day after the US Food and Drug Administration cleared another Pfizer-BioNTech vaccine for 16 years and above. Meanwhile, the robust quarterly earnings of the corporate heavyweights continued to lift the spirits in the market.

On Tuesday, the Commerce Department said that sales of new single-family homes rose by 1% to 708,000 units in July after a decline for three consecutive months. However, the rising homes prices and supply issues weighed on the market, keeping many potential first-time buyers on the fringe. The data showed average new home prices surged 18.4% YoY to US$390,500 in the month.

Energy and consumer discretionary stocks led the gains in Tuesday’s session. Six of the 11 S&P 500 segments stayed in the green. However, real estate and consumer staples were the bottom movers.

Stocks of Best Buy Co., Inc. (BBY) rose 9.50% after the company reported strong Q2 earnings, above analysts' expectations. Its net sales surged to US$11.84 billion from US$9.91 billion in the year-ago quarter. In addition, its net income came in at US$734 million or US$2.90 per share.

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The agriculture-focused technology company Pinduoduo Inc’s (PDD) revenue rose 89% YoY to RMB23 billion. The stock surged 21.61% after the results on Tuesday.

Stocks of Palo Alto Networks, Inc. (PANW) rose 18.57% in intraday trading a day after posting better-than-expected quarterly results. Its revenue rose by 28% YoY to US$1.2 billion in Q4, 2021.

CrowdStrike Holdings Inc. (CRWD) share jumped 8.44% after NASDAQ said it would add CRWD to its NASDAQ-100 index on Thursday.

In the consumer sector, Oatly Group AB (OTLY) rose 8.52%, Coursera Inc. (COUR) increased by 5.09%, and Hims & Hers Health Inc. (HIMS) gained 4.68%. The Sysco Corporation (SYY) rose 1.10%, while PepsiCo, Inc. (PEP) declined 1.24%.

In energy stocks, Exxon Mobil Corp (XOM) surged 1.17%, Chevron Corp (CVX) gained 1.38%, and Royal Dutch Shell plc (RDS-B) rose 1.02%. BP plc (BP) and ConocoPhillips (COP) advanced 1.15% and 1.20%, respectively.

In the real estate sector, American Tower Corporation (AMT) stock decreased by 1.24%, Prologis Inc. (PLD) declined by 1.83%, Equinix Inc. (EQIX) fell by 1.55%. In addition, Crown Castle International Corp. (CCI) and Simon Property Group Inc. (SPG-PJ) plunged 1.52% and 1.64%.

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Top Gainers

Top performers on S&P 500 included Best Buy Co Inc (8.32%), Las Vegas Sands Corp (7.53%), Wynn Resorts Ltd (7.01%), Caesars Entertainment Inc (5.13%). On NASDAQ, top performers were 111 Inc (30.62%), Skywater Technology Inc (30.35%), Sentage Holdings Inc (27.08%), ENDRA Life Sciences Inc (26.25%). On Dow Jones, Dow Inc (1.93%), Goldman Sachs Group Inc (1.77%), Caterpillar Inc (1.65%), Cisco Systems Inc (1.33%) were the leaders.

Top Losers

Top laggards on S&P 500 included Seagate Technology Holdings PLC (-6.10%), Moderna Inc (-4.12%), Nielsen Holdings PLC (-3.50%), Pfizer Inc (-3.10%). On NASDAQ, Theravance Biopharma Inc (-34.79%), J W Mays Inc (-15.30%), Omega Therapeutics Inc (-15.27%), DatChat Inc (-12.77%). On Dow Jones, Johnson & Johnson (-1.25%), Walmart Inc (-1.03%), Home Depot Inc (-0.87%), Merck & Co Inc (-0.84%) were the laggards.

Volume Movers

Top volume movers were Pfizer Inc (9.93M), Ford Motor Co (9.11M), Apple Inc (8.95M), Bank of America Corp (8.73M), Naked Brand Group Ltd (13.47M), Pinduoduo Inc (10.30M), JD.Com Inc (9.09M), Sundial Growers Inc (8.79M), Baudax Bio Inc (8.37M), Bio Path Holdings Inc (8.31M).

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Futures & Commodities

Gold futures were down 0.06% to US$1,805.20 per ounce. Silver increased by 0.98% to US$23.887 per ounce, while copper rose 0.41% to US$4.2545.

Brent oil futures increased by 3.07% to US$70.47 per barrel and WTI crude was up 3.08% to US$67.66.

Bond Market

The 30-year Treasury bond yields was up 2.39% to 1.917, while the 10-year bond yields rose 3.34% to 1.297.

US Dollar Futures Index decreased by 0.09% to US$92.885.

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