Skip to content
Home » Wall Street starts on a positive note as earnings from major tech companies are in sight

Wall Street starts on a positive note as earnings from major tech companies are in sight

Wall Street is aiming to surpass the April 2022 levels that the main indicators on the NYSE and Nasdaq hit yesterday. In fact, the DOW JONES Ind Average was up 0.48% on the open to 35,120 points. The S&P 500 is up 0.35% to 4,571 points and the NASDAQ 100 is down 0.37% to 14,406 points.

Once again it seems that investors are looking the eighth positive session for a Dow Jones up Who expects news?while marking new annual highs day by day This is undoubtedly evident from the new financial results, as the first presentation sessions led by the banks turned out to be very positive for the American stocks. Is about his best moment on the market since March 2021 with this sequence of consecutive upward sessions.

In the last session, Wall Street’s main indicators ended in gains. the Dow Jones rose by 366.58 points, or 1.06% to close at 34,951.93. The Nasdaq Composite was up 0.76% to end the session at 14,353.64 during the The S&P 500 gained 0.71% to consolidate 4,554.98. DIn this way, the business results of Morgan Stanley, Bank of NY Mellon and also those of Bank of America, exceeded market expectations, as did Lockheed Martin’s. and they left a hesitant and falling start of the indicators due to lRetail sales disappointed the market in June despite a fall in inflation.

Although a negative result is to be expected worldwide, The second quarter earnings season has got off to a good start. According to FactSet data, 82% of S&P 500 companies that reported results beat expectations. For many investors, theRecent gains support a soft landing scenario. This prospect has gained in importance after last week’s encouraging inflation data.

From Link Securities, they point out that “Today, companies that are very important in their fields of activity are releasing their quarterly results, such as IBM, Alcoa, Halliburton, Netflix, Tesla, Goldman Sachs and United Airlines.” As we have reiterated since the start of the release season, more important than the numbers these companies disclose will be what their managers say about their business expectations and how they view the economic scenario their companies will face.

Goldman Sachs released its second quarter results ahead of the opening, which came in below expectations as they show some Earnings of $3.08 per share versus $3.18 expected. Revenue came in at $10.9 billion compared to the forecast of $10.84 billion.

Expectations for Goldman are low this quarter. In addition, investors have been warned of capital losses on commercial real estate and impairments related to the proposed sale of fintech unit GreenSky.

Separately, Microsoft and Activision Blizzard agreed on Wednesday to extend the term of their merger agreement to Oct. 18, Activision said in a statement on Wednesday. The $69 billion operation was originally scheduled to close on July 18.

As for macroeconomic data, the US Department of Commerce will release this Wednesday construction of 1,434 million homes began in June. The figure stands below forecast, as analysts expected an average of 1,480 million, according to a Reuters poll. The data for May was 1.559 million.

On the other hand, there are monthly building permits in the country fell from 5.60% in May to -3.70% in June.

As for the price of oil, the price is currently going up, and that’s with the barrel of crude oil Brent rose 0.60% to $80.31 while the reference cask in the US, West Texas is up 0.62% to $76.20.

The Euro-Dollar Index, in turn, is slightly down 0.05%, initially moving against the Dollar by 1.1221 units, while the Dollar Index returns near 100, rising 0.32% to 99.94.

In the area of ​​sovereign debt, the reference US bond, 10 years, profitability falls again by 0.64% to 3.76%.

Bitcoin rallied slightly by 0.25% on the North American awakening and is back close to $30,000. Currently, the trading price is $29,912.

Leave a Reply

Your email address will not be published. Required fields are marked *