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-- 118.150 Market Recap: Dow hit 35,000 milestone for the first time ever
Hey moomooers,
Here is the latest Market Recap for you.
U.S. stocks rose Friday with major indexes hitting new records as they overcame concerns about economic growth from earlier this week.
Stocks to watch: $Intel (INTC.US)$, $Twitter (Delisted) (TWTR.US)$, $Snap Inc (SNAP.US)$, $American Express (AXP.US)$, etc.
Market Snapshot
U.S. equities rose Friday with the major averages hitting new records as they overcame concerns about economic growth from earlier in the week.
The $Dow Jones Industrial Average (.DJI.US)$ closed above 35,000 for the first time ever, bringing its gain for 2021 to more than 14%. The blue-chip average rose 238.20 points, or 0.68%, to 35,061.55, gaining for a fourth straight day. It made the 1,000-point trek rather quickly, having closed above 34,000 for the first time ever back in mid-April.
The $S&P 500 Index (.SPX.US)$ gained 1.01% to 4,411.79 and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.04% to 14,836.99, both new closing highs for the benchmarks.
What to drove the market?
The 10-year Treasury yield bounced on Friday to 1.281%, easing concerns about the economy that the bond market triggered on Monday. The 10-year yield fell to a 5-month low of 1.13% earlier this week.
"The bond market has surprised everybody," said Nick Frelinghuysen, a portfolio manager at Chilton Trust. "The strength of the rally is telling the equity market that what's happening with inflation is probably an overshoot, that a lot of these things are not endemic and they're not going to be things that we'll have to live with like we did in the '70s and '80s."
The stock market overall has been bolstered by a strong earnings reporting season, with nearly a quarter of the S&P 500 having already reported. Of those companies, 88% have reported a positive surprise, according to FactSet. That would mark the highest percentage of reported surprises within the S&P since 2008 if that figure holds throughout the earnings season.
What stocks to watch
$Snap Inc (SNAP.US)$ shares soared 23.9% after better-than-expected second-quarter earnings results. The social media company reported strong growth of users, engagement and ads.
$Twitter (Delisted) (TWTR.US)$ shares gained about 3% after reporting its fastest revenue growth since 2014. The social media platform reported earnings of 20 cents per share, topping analysts' estimates of 7 cents per share, according to Refinitiv.
$Intel (INTC.US)$ shares fell 5.3% after the company reported cautionary guidance on margins in the current quarter. Intel guided to non-GAAP gross margins of 55% in the third quarter, a notable drop from 59.2% in the second quarter. Intel said that the decreased margin was due to supply constraints as well as costs related to building chips with a new process technology.
$American Express (AXP.US)$ shares rose 1.3% after beating on the top and bottom line of its quarterly results. American Express reported earnings of $2.80 per share on revenue of $10.24 billion. Wall Street expected earnings of $1.66 per share on revenue of $9.58 billion, according to Refinitiv.
$Honeywell (HON.US)$ shares dipped 1.5% despite the company beating estimates during the second quarter. Honeywell earned $2.02 per share excluding items, which was ahead of the expected $1.94, according to estimates from Refinitiv. Revenue came in at $8.81 billion, also ahead of the expected $8.64 billion. Honeywell also raised its full-year guidance.
$Boston Beer (SAM.US)$ slid 26% after the company cut its 2021 outlook due to expectations of soft sales in its hard seltzer brands. The company earned $4.75 per share during the quarter, which was short of the expected $6.69 per share, according to estimates from Refinitiv. Revenue also missed expectations. Goldman Sachs downgraded the company to neutral from buy.
$Skechers USA (SKX.US)$ shares gained 5.9% after the footwear company reported revenue of $1.66 billion for the most recent quarter, topping analysts' projections of $1.5 billion. Skechers also issued strong third-quarter and full-year earnings and revenue guidance.
$Skechers USA (SKX.US)$ shares gained 5.9% after the footwear company reported revenue of $1.66 billion for the most recent quarter, topping analysts' projections of $1.5 billion. Skechers also issued strong third-quarter and full-year earnings and revenue guidance.
Source: CNBC
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