US close: Street finishes higher as earnings season begins
Wall Street managed moderate gains on Tuesday, as investors turned their attention to the start of earnings season as a welcome distraction from recent trade war concerns.
Dow Jones I.A.
37,813.96
04:30 15/10/20
Nasdaq 100
17,287.96
05:15 25/04/24
The Dow Jones Industrial Average ended the day up 0.58% at 24,919.66, the S&P 500 added 0.35% to 2,793.84, and the Nasdaq 100 was 0.09% higher at 7,282.60.
In data, the latest survey from the National Federation of Independent Business revealed that activity among small firms dipped a touch in June.
The NFIB business optimism index slipped to 107.2 from 107.8 in May, but remained historically high and was above the 106.9 economists had pencilled in.
“The decline in the headline index mostly is due to small falls in the expectations components - economy, sales, and earnings - though they all remain quite high,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
“Capex intentions dipped a point, and remain below last August's cycle high, despite the business tax cuts passed in December.”
Shepherdson said the upward trend in earnings expectations should lift capex plans to new highs over the coming months, with labour market numbers - released last week, ahead of the main report - tightening further, and the jobs-hard-to-fill reading rising three points to 36, matching the all-time high recorded in November 2000.
“This unambiguously points to faster wage growth,” he said.
“Finally, selling price expectations dropped five points to 14, reversing the May spike.
“It's now consistent with little change in core inflation, net, over the next year, though it has recently under-predicted the official data.”
Elsewhere on the data front, June's JOLTS job openings data revealed a solid number that should keep the Fed confident that the jobs market is in great shape.
The report revealed that 6.84m new jobs were created in the US during June, with hirings increasing to 5.75m from 5.42m and layoffs dipping to 1.1% from the 1.2% figure a month earlier.
In corporate news, PepsiCo gained 4.76% after its second-quarter earnings beat analysts' expectations.
Twenty-First Century Fox ticked ahead 0.42% following a Financial Times report that it was preparing to counter Comcast's latest offer for London-listed broadcaster Sky with a new and improved bid.
As earnings season gets into full swing, this week will see earnings from banking giants JPMorgan Chase, Wells Fargo and Citigroup on Friday.
Dow Jones - Risers
Caterpillar Inc. (CAT) $141.16 4.29%
Boeing Co. (BA) $347.16 3.74%
Walmart Inc. (WMT) $87.25 3.19%
Dowdupont Inc. (DWDP) $67.81 2.88%
Chevron Corp. (CVX) $127.56 2.75%
JP Morgan Chase & Co. (JPM) $106.62 2.46%
General Electric Co. (GE) $14.17 2.31%
Goldman Sachs Group Inc. (GS) $226.85 2.28%
Travelers Company Inc. (TRV) $125.87 2.18%
3M Co. (MMM) $201.45 2.02%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $51.36 -0.27%
Apple Inc. (AAPL) $190.35 -0.12%
Merck & Co. Inc. (MRK) $62.30 0.16%
Microsoft Corp. (MSFT) $102.12 0.27%
Cisco Systems Inc. (CSCO) $42.86 0.45%
Intel Corp. (INTC) $52.16 0.58%
Procter & Gamble Co. (PG) $79.88 0.64%
Coca-Cola Co. (KO) $44.99 0.74%
McDonald's Corp. (MCD) $160.62 0.75%
Pfizer Inc. (PFE) $37.43 0.86%
S&P 500 - Risers
Transocean Ltd. (RIG) $14.07 6.79%
Diamond Offshore Drilling Inc. (DO) $20.91 5.87%
Noble Energy Inc. (NBL) $37.22 5.74%
Mallinckrodt Plc Ordinary Shares (MNK) $20.97 5.32%
Cummins Inc. (CMI) $137.16 4.38%
Caterpillar Inc. (CAT) $141.16 4.29%
Marathon Oil Corp. (MRO) $21.98 4.22%
Royal Caribbean Cr (RCL) $109.15 4.19%
FMC Technologies Inc. (FTI) $31.84 3.88%
Red Hat Inc. (RHT) $142.02 3.77%
S&P 500 - Fallers
Spectra Energy Corp. (SE) $15.66 -5.26%
Cerner Corp. (CERN) $60.76 -4.63%
PPL Corp. (PPL) $28.33 -4.26%
FirstEnergy Corp. (FE) $35.43 -3.75%
Nordstrom Inc. (JWN) $52.09 -3.45%
Pinnacle West Capital Corp. (PNW) $79.94 -3.43%
Molson Coors Brewing Co. Class B (TAP) $68.29 -3.16%
Endo International Plc (ENDP) $10.88 -3.03%
Centerpoint Energy Inc. (CNP) $27.10 -2.97%
PG&E Corp. (PCG) $43.72 -2.91%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $165.38 3.28%
Micron Technology Inc. (MU) $55.74 2.63%
Check Point Software Technologies Ltd. (CHKP) $104.39 2.34%
Idexx Laboratories Inc. (IDXX) $234.10 2.00%
Xilinx Inc. (XLNX) $69.19 1.79%
Nvidia Corp. (NVDA) $253.25 1.60%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $254.61 1.56%
Texas Instruments Inc (TXN) $113.73 1.46%
Monster Beverage Corp (MNST) $59.57 1.45%
Analog Devices Inc. (ADI) $98.54 1.40%
Nasdaq 100 - Fallers
Cerner Corp. (CERN) $60.76 -4.63%
Biogen Inc (BIIB) $344.82 -2.59%
eBay Inc. (EBAY) $37.04 -2.29%
Dish Network Corp. (DISH) $34.93 -2.18%
JD.com, Inc. (JD) $38.59 -2.06%
Incyte Corp. (INCY) $70.18 -2.01%
Regeneron Pharmaceuticals Inc. (REGN) $366.27 -1.36%
Mylan Inc. (MYL) $36.67 -1.19%
NetEase Inc. Ads (NTES) $265.24 -0.87%
Booking Holdings Inc. (BKNG) $2,064.04 -0.85%