Wall Street advances, led by healthcare, consumer stocks; KSS, MU fall

Wall Street indices edged higher on Friday, July 1, starting the year's second half on a positive note after healthcare and consumer stocks advanced, ahead of the second-quarter results.

The S&P 500 was up 1.06% to 3,825.33. The Dow Jones rose 1.05% to 31,097.26. The NASDAQ Composite added 0.90% to 11,127.85, and the small-cap Russell 2000 was up 1.16% to 1,727.76.

This year, markets saw their worst first-half percentage drop in decades as inflation and interest rate fears dampened investors' sentiments. Traders will now closely watch the second-quarter earnings for cues on how the businesses may have performed in uncertain market conditions.

All eyes would also be on the Labor Department’s June employment report and the Fed's monthly meeting later this month which is expected to announce more rate hikes.

The economic data and forecasts in recent weeks haven’t been kind to the market. The fear of a looming recession and the lack of a clear direction in the economy pummeled the stocks.

On Friday, the utility and consumer discretionary sectors were the top movers on the S&P 500 index. All the 11 segments of the index stayed in the positive territory.

Shares of Kohl's Corporation (KSS) fell 19.40% after the company ceased talks to sell itself to Franchise Group (FRG).

Micron Technology, Inc. (MU) stock lost 3.18% after the chipmaker lowered its business outlook amid reduced semiconductor demand.

General Motors Company (GM) gained 1.35% after the company held firm with its strong guidance despite production challenges that could impact its second-quarter results.

In the utilities sector, NextEra Energy, Inc. (NEE) increased by 4.00%, Duke Energy Corporation (CUK) rose 2.25%, and The Southern Company (SO) surged 2.57%. Dominion Energy, Inc. (D) and American Electric Power Company, Inc. (AEP) advanced 1.79% and 2.10%, respectively.

In consumer discretionary stocks, Amazon.com, Inc. (AMZN) gained 3.15%, Tesla, Inc. (TSLA) added 1.24%, and The Home Depot, Inc. (HD) soared 1.75%.     McDonald's Corporation (MCD) and Lowe's Companies, Inc. (LOW) ticked up 2.46% and 1.54%, respectively.

In the consumer staples sector, The Procter & Gamble Company (PG) rose 1.61%, The Coca-Cola Company (KO) increased by 2.34%, and PepsiCo, Inc. (PEP) added 1.64%. Costco Wholesale Corporation (COST) and Unilever PLC (UL) soared by 1.35% and 1.00%, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) increased by 4.15% and 6.56%, respectively. The global crypto market cap rose 2.89% to US$878.30 billion at 4:52 pm ET on July 1.

Futures & Commodities

Gold futures were up 0.06% to US$1,808.35 per ounce. Silver decreased by 2.60% to US$19.823 per ounce, while copper fell 2.61% to US$3.6135.

Brent oil futures increased by 2.16% to US$111.39 per barrel and WTI crude was up 2.49% to US$108.39.

Bond Market

The 30-year Treasury bond yields were down 0.20% to 3.116, while the 10-year bond yields fell 2.84% to 2.889.

US Dollar Futures Index increased by 0.39% to US$104.873.