Fresh Highs Before Flat Trading, Last Week Before Q2 Earnings | Herd on Wall Street
Morning traders, it is the final slow week before a new earnings season begins Thurday with $Delta Air Lines (DAL.US)$ and properly on Friday with $JPMorgan (JPM.US)$.
Welcome to the end of the dog days of summer for a while; my name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.
$Intel (INTC.US)$ traded higher after the firm said it had bypassed Vietnam for a $3.3B project and instead planned on launching in Poland. The chipmaker requested 15% "cash support" from the Vietnamese government. The firm also received positive press from analysts on Monday.
$Corning (GLW.US)$ was the highest advancing stock on the S&P 500, up about 9% after the firm raised its second-quarter sales guidance, with results expected on July 30.
$Boeing (BA.US)$ climbed about 2% after a court filing showed the firm had agreed to plead guilty to a charge of defrauding the federal government over the 2018 and 2019 crashes of a pair of 737 Max planes that killed more than 300 people and pay a fine of $243M.
In industries tracked by moomoo, drug manufacturers were climbing 0.6% overall, after shares surged 75% in early trading Monday after the biopharmaceutical company agreed to be acquired by drugmaker Eli Lilly for $3.2 billion in cash.
The acquisition news sent drug manufacturers higher, led by $Grifols (GRFS.US)$ climbing 20% on rumors that it was too facing exploratory buyout offers from Brookfield.
Crude oil futures sagged 0.54% Monday before an expected EIA Supply release this week. Bitcoin fell 0.73%, resting at $55k/coin. Silver and gold both fell in price Monday, while the U.S. 2-year fell back and the U.S. 10 years climbed.
As a general recap, the market was advancing to all-time highs on Monday, shortly after the opening.
Shortly after 10:45 am EST. $S&P 500 Index (.SPX.US)$ continued its five-session climb to a fresh all-time high Monday, up about 0.08%. The $Dow Jones Industrial Average (.DJI.US)$ was climbing 0.43%, and the $Nasdaq Composite Index (.IXIC.US)$ reached fresh highs as well, up just 0.01%%.
Overall 6200 equities advanced, while 4100 declined Monday morning.
In macroeconomics this week, investors can watch for CPI data on Thursday, expected at 3.1% and Core at 3.4%. PPI comes out Friday, expected at 0.2% core. Federal Reserve Chair Jerome Powell will testify on macroeconomic updates in front of the Joint Economic Committee on Tuesday and Wednesday.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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