Account Info
Log Out
English
Back
Download
Log in to access Online Inquiry
Back to the Top
July CPI meets expectations, inflation eases: Will the expected cuts be significant?
Views 1.1M Contents 242

S&P 500, Nasdaq and DJIA All Close Higher, Resuming Recent Rebound | Wall Street Today

avatar
Moomoo Recap US joined discussion · Aug 16 16:13
S&P 500, Nasdaq and DJIA All Close Higher, Resuming Recent Rebound | Wall Street Today
Stocks ended slightly higher Friday as continued tame economic numbers allowed markets to extend a recent upward trend that reversed Wall Street’s big Aug. 2-5 sell-off.
The $Nasdaq Composite Index (.IXIC.US)$, $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ had drifted lower Friday morning, but reversed gears and all ended the session about 0.2% on the upside.
The DJIA led the way higher, gaining 96.7 points (0.24%) to a 40,659.76 finish. The Nasdaq Composite likewise rose 37.22 points (0.21%) to 17,631.72, while the SPX added 11.03 ticks (0.2%) to 5,554.25.61.
The gains allowed stocks to extend a trend of gaining ground during most recent session, allowing the major indexes to reverse a big pullback that Wall Street saw early this month following weaker-than-expected July U.S. jobs data.
That report sent the S&P 500, DJIA and Nasdaq Composite all down some 5% over two sessions on fears that the Federal Reserve’s 2+ years of inflation-fighting higher interest rates had pushed the U.S. economy towards recession.
However, better data since then let markets recover all of those losses and more as figures pointed toward an economy that’s neither heading toward recession nor facing continued high inflation. Wall Street hopes that means the Fed can cut interest rates for the first time in years at next month’s policy meeting.
MACRO
The latest positive economic data came Friday morning, when the University of Michigan’s monthly Consumer Sentiment Index showed Americans are more confident about the economy. The index rose to 67.8 in August, up from 66.4 in July and better than the 66.9 that analysts had forecast.
MOOVERS
Individual stocks that rose significantly Friday included:
-- $B. Riley Financial (RILY.US)$, which rebounded 16.1% on word that company co-founder and co-CEO Bryan Riley is planning to offer $7 a share to take the firm private. That’s a 23.9% premium over RILY’s $5.65 Friday close. The offer capped week that saw RILY fall 70% in recent days after the firm suspended its dividend and disclosed receiving regulatory subpoenas amid questions about its involvement with a questionable management-led buyout of a company called Franchise.
-- $Rocket Lab (RKLB.US)$, which gained 12.5% on news that the space-systems firm has shipped two Mars spacecraft to NASA. RKLB already had a 12.5% run-up on Thursday, apparently as part of a rally in the space-related sector sparked by a 50%+ rise for $AST SpaceMobile (ASTS.US)$ on word of plans for its first satellite launch.
-- $H&R Block (HRB.US)$, up 12.1% following well-received quarterly earnings.
-- $Planet Labs PBC (PL.US)$, which rallied 16.1% on the launch Friday of its first hyperspectral satellite into space. PL had already gained 4% Thursday, apparently as part of that session’s up move for many space-related stocks.
Conversely, stocks with large losses Friday included:
-- $Wheels Up Experience (UP.US)$, which pulled back 13% to after the private-jet firm enjoyed a 32.5% run-up over the past three days.
-- $Sidus Space (SIDU.US)$, down 20.3% following a 37.5% rally Thursday in apparent sympathy with the rise in $AST SpaceMobile (ASTS.US)$. ASTS itself gave back only 1% of Thursday’s big run-up.
Interested in Options? Click here to join our exclusive options chat with personal callouts from our resident expert Invest with Sarge.
(To see these stocks and more on the options page, click here.)
Word from the herd: Mooers, what are you watching?
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
73
3
3
2
1
+0
15
Translate
Report
242K Views
Comment
Sign in to post a comment
avatar
Moomoo Recap US
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow