U.S. Stocks Move Back To The Upside Following Yesterday’s Downturn
12 Julho 2024 - 5:44PM
IH Market News
Following the substantial downturn seen over the course of the
previous session, stocks moved back to the upside during trading on
Friday. With the upward move on the day, the Dow and the S&P
500 reached new record intraday highs.
The major averages gave back ground going into the close but
remained firmly positive. The Dow advanced 247.15 points or 0.6
percent to 40,000.90, the Nasdaq climbed 115.04 points or 0.6
percent to 18,398.45 and the S&P 500 rose 30.81 points or 0.6
percent to 5,615.35.
For the week, the Dow shot up by 1.6 percent, the S&P 500
jumped by 0.9 percent and the Nasdaq increased by 0.3 percent.
The rebound on Wall Street came as traders looked to pick up
stocks at somewhat reduced levels following the steep drop seen on
Thursday, which partly reflected a rotation out of leading tech
stocks like Nvidia (NASDAQ:NVDA).
Shares of Nvidia jumped by 1.5 percent on the day after the AI
darling plunged by 5.6 percent in the previous session.
Traders also remained optimistic about the outlook for interest
rates even though the Labor Department released a report showing
producer prices in the U.S. increased by slightly more than
expected in the month of June.
The Labor Department said its producer price index for final
demand rose by 0.2 percent in June following a revised unchanged
reading in May.
Economists had expected producer prices to inch up by 0.1
percent compared to the 0.2 percent dip originally reported for the
previous month.
The report also said the annual rate of producer price growth
accelerated to 2.6 percent in June from an upwardly revised 2.4
percent in May.
The annual rate of producer price growth was expected to creep
up to 2.3 percent from the 2.2 percent originally reported for the
previous month.
Despite the advance by the broader markets, shares of Wells
Fargo (NYSE:WFC) moved sharply lower after the company reported
weaker than expected net interest income for the second
quarter.
Financial giants JPMorgan Chase (NYSE:JPM) and Citigroup
(NYSE:C) also moved to the downside after reporting their second
quarter results.
Sector News
Networking stocks extended the strong upward move seen during
Thursday’s session, driving the NYSE Arca Networking Index up by
1.6 percent to its best closing level in over two years.
Considerable strength also remained visible among housing
stocks, as reflected by the 1.6 percent gain posted by the
Philadelphia Housing Sector Index. The index ended the day at a
nearly two-month closing high.
Semiconductor stocks also saw significant strength after falling
sharply on Thursday, with the Philadelphia Semiconductor Index
climbing by 1.3 percent.
Steel, oil service and computer hardware stocks also showed
notable moves to the upside, moving higher along with most of the
other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region turned in a mixed performance during trading on Friday.
Japan’s Nikkei 225 Index plummeted by 2.5 percent, while Hong
Kong’s Hang Seng Index surged by 2.6 percent.
Meanwhile, the major European markets all moved to the upside on
the day. While the French CAC 40 Index shot up by 1.3 percent, the
German DAX Index jumped by 1.1 and the U.K.’s FTSE 100 Index rose
by 0.4 percent.
In the bond market, treasuries showed a lack of direction after
moving sharply higher in the previous session. Subsequently, the
yield on the benchmark ten-year note, which moves opposite of its
price, edged down by less than a basis point to 4.189 percent.
Looking Ahead
Next week’s trading may be impacted by reaction to reports on
retail sales, industrial production, import and export prices and
housing starts.
Earnings news is also likely to attract attention, with Goldman
Sachs (GS), Bank of America (BAC), Morgan Stanley (MS),
UnitedHealth (UNH), Netflix (NFLX) and American Express (AXP) among
the companies due to report their quarterly results.
SOURCE: RTTNEWS
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