Market Recap: Nasdaq and S&P 500 end at record highs
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
The Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.
Stocks to watch: $Nike (NKE.US)$ , $FedEx (FDX.US)$ , $Bank of America (BAC.US)$ , $Goldman Sachs (GS.US)$ , $Wells Fargo & Co (WFC.US)$ , $JPMorgan (JPM.US)$
Market Snapshot
The $S&P 500 Index (.SPX.US)$ rose nearly 0.6% to hit a record closing high of 4,266.49, retaking its previous record from June 14 and fully recouping the losses triggered by the Federal Reserve's surprise policy pivot.
The $Dow Jones Industrial Average (.DJI.US)$ added 322.58 points, or about 1%, to 34,196.82, sitting about 2.6% from its all-time high.
The $Nasdaq Composite Index (.IXIC.US)$ jumped 0.7% to reach another record at 14,369.71.
U.S. stock futures rose in overnight trading on Thursday after the S&P 500 closed at a record.
Dow futures rose about 100 points. S&P 500 futures gained 0.1%, and Nasdaq 100 futures were flat.
What drove the market?
Biden declared that the White House struck an infrastructure deal
U.S. stocks jumped to session highs, with the S&P 500 reaching a record, Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.
The infrastructure deal will include $579 billion in new spending , the White House said. Republicans have fought the president's proposal to hike the corporate tax rate to 28% from 21%.
Powell reiterated that inflation pressures should be temporary
Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesday reiterated that inflation pressures should be temporary, which seemed to soothe market jitters.
Biden declared that the White House struck an infrastructure deal
U.S. stocks jumped to session highs, with the S&P 500 reaching a record, Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.
The infrastructure deal will include $579 billion in new spending , the White House said. Republicans have fought the president's proposal to hike the corporate tax rate to 28% from 21%.
Powell reiterated that inflation pressures should be temporary
Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesday reiterated that inflation pressures should be temporary, which seemed to soothe market jitters.
Which stocks were in focus?
$Nike (NKE.US)$:
Shares of the shoe giant popped about 5% in extended trading on Thursday following its better-than-expected quarterly results. Nike reported earnings of 93 cents per share, outpacing Refinitiv estimates by 42 cents. Revenue came in at $12.34 billion, topping estimates of $11.01 billion. Digital sales were up 41% since last year and 147% from two years ago.
$FedEx (FDX.US)$:
Shares of the shipping company dropped 4% after hours despite beating on the top and bottom lines of its quarterly results. FedEx reported earnings of $5.01 per share on revenue of $22.57 billion. Analysts expected earnings per share of $4.99 on revenue of $21.51 billion, according to Refinitiv.
$Bank of America (BAC.US)$ , $Goldman Sachs (GS.US)$ , $Wells Fargo & Co (WFC.US)$ , $JPMorgan (JPM.US)$:
Shares of the major U.S. banks popped in after-hours trading after the announced the banks could . The Fed, in releasing the results of its annual stress test, said that all 23 institutions in the 2021 exam remained "well above" minimum required capital levels during a hypothetical economic downturn. Bank of America and Wells Fargo each rose about 1%.
$Nike (NKE.US)$:
Shares of the shoe giant popped about 5% in extended trading on Thursday following its better-than-expected quarterly results. Nike reported earnings of 93 cents per share, outpacing Refinitiv estimates by 42 cents. Revenue came in at $12.34 billion, topping estimates of $11.01 billion. Digital sales were up 41% since last year and 147% from two years ago.
$FedEx (FDX.US)$:
Shares of the shipping company dropped 4% after hours despite beating on the top and bottom lines of its quarterly results. FedEx reported earnings of $5.01 per share on revenue of $22.57 billion. Analysts expected earnings per share of $4.99 on revenue of $21.51 billion, according to Refinitiv.
$Bank of America (BAC.US)$ , $Goldman Sachs (GS.US)$ , $Wells Fargo & Co (WFC.US)$ , $JPMorgan (JPM.US)$:
Shares of the major U.S. banks popped in after-hours trading after the announced the banks could . The Fed, in releasing the results of its annual stress test, said that all 23 institutions in the 2021 exam remained "well above" minimum required capital levels during a hypothetical economic downturn. Bank of America and Wells Fargo each rose about 1%.
Read more: Wall Street Today: Nike posts highest quarterly sales in its 50-year history
Source: Bloomberg, CNBC, Bloomberg
Source: Bloomberg, CNBC, Bloomberg
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
43KVisitors
Follow
Ahjussi : good news
EfraChan : M
WILLIS69 : nice
102137275 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
goyago : nice