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Market Recap: Dow closes up more than 285 points as stocks extend rebound rally

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Moomoo Recap US wrote a column · Jul 21, 2021 19:30
Market Recap: Dow closes up more than 285 points as stocks extend rebound rally
Hey moomooers, Here is the latest Market Recap for you.
U.S. stock index futures were flat in overnight trading on Wednesday, after the major averages advanced during regular trading to turn positive for the week.
Stocks to watch: $Las Vegas Sands(LVS.US)$, $Kinder Morgan(KMI.US)$, $CSX Corp(CSX.US)$ and $Texas Instruments(TXN.US)$.
Market Snapshot
U.S. stock index futures were flat in overnight trading on Wednesday, after the major averages advanced during regular trading to turn positive for the week.
During the session the $Dow Jones Industrial Average(.DJI.US)$ gained 286 points, or 0.83%, while the $S&P 500 Index(.SPX.US)$ climbed 0.82%. The $Nasdaq Composite Index(.IXIC.US)$ was the relative outperformer, rising 0.92%. Energy was the top-performing S&P group, advancing 3.5% as oil prices rebounded.
Market Recap: Dow closes up more than 285 points as stocks extend rebound rally
What to drove the market?
Wednesday's gains built on Tuesday's strong session, and the major averages have now erased the losses from Monday's sell-off.
“The truth is investors have been very spoiled by the recent stock market performance,” noted LPL Financial chief market strategist Ryan Detrick. “Incredibly, we haven't seen as much as a 5% pullback since October.
So far 15% of the S&P 500 has reported earnings, with 88% beating earnings estimates, according to Refinitiv. Of the companies that have reported 84% have topped revenue expectations.
Investors will also be watching the weekly jobless claims number from the Department of Labor on Thursday.
What stocks to watch
$Las Vegas Sands(LVS.US)$ — Shares of the casino giant slipped 2% in extended trading after the company missed analysts' expectations on the top and bottom line during the second quarter. Las Vegas Sands lost 26 cents per share excluding items, compared to the expected loss of 16 cents, according to Refinitiv. Revenue came in at $1.17 billion, short of the expected $1.41 billion.
$Kinder Morgan(KMI.US)$ — Kinder Morgan shares dipped about 1% despite the company’s second-quarter results beating expectations. The energy infrastructure company earned 23 cents per share excluding items on $3.15 billion in revenue. Wall Street analysts were expecting 19 cents per share and $2.91 billion in revenue, according to estimates from StreetAccount.
$CSX Corp(CSX.US)$ — The rail company's stock advanced more than 3% after the company beat revenue estimates during the second quarter. CSX's revenue came in at $2.99 billion, which was above the $2.93 billion analysts surveyed by Refinitiv were expecting.
$Texas Instruments(TXN.US)$ — Shares dipped more than 3% despite the semiconductor company beating top- and bottom-line estimates during the second quarter. Texas Instruments earned $2.05 per share on $4.58 billion in revenue. Analysts polled by Refinitiv were expecting the company to earn $1.83 per share on $4.35 billion in revenue.
Source: Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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