Back to top

Image: Bigstock

Stock Market News for Jul 17, 2023

Read MoreHide Full Article

U.S. stock markets closed mixed on Friday following mixed earnings results of second-quarter 2023. A key economic data released Friday was also mixed. The Dow ended in positive territory while both the S&P 500 and the Nasdaq Composite finished in negative zone. For the week as a whole, all the three major stock indexes closed in positive territory.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) rose 0.3% or 113.89 points to close at 34,509.03. Notably, 11 components of the 30-stock index ended in positive territory, while 19 in negative zone. The blue-chip index posted fifth consecutive winning days.

The tech-heavy Nasdaq Composite finished at 14,113.70, dropping 0.2% due to weak performance of large-cap technology stocks. However, in intraday trading, the tech-laden index recorded its highest level since April 2022.  

The S&P 500 declined 0.1% to end at 4,505.42. In intraday trading, the broad-market index recorded its highest level since April 2022. Eight out of 11 broad sectors of the benchmark ended in negative territory while 3 finished in positive zone. The Energy Select Sector SPDR (XLE) tumbled 2.6% while the Health Care Select Sector SPDR (XLV gained 1.5%.

The fear-gauge CBOE Volatility Index (VIX) was down 2% to 13.34. A total of 10.72 billion shares were traded on Friday, lower than the last 20-session average of 11.04 billion. Decliners outnumbered advancers on the NYSE by a 2.73-to-1 ratio. On Nasdaq, a 2.33-to-1 ratio favored declining issues.

Mixed Q2 Earnings Results

JPMorgan Chase & Co. (JPM - Free Report) came out with quarterly earnings of $4.37 per share, beating the Zacks Consensus Estimate of $3.62 per share. The company posted revenues of $41.31 billion for the quarter, surpassing the Zacks Consensus Estimate by 11.5%.

UnitedHealth Group Inc. (UNH - Free Report) came out with quarterly earnings of $6.14 per share, beating the Zacks Consensus Estimate of $5.92 per share. The company posted revenues of $92.9 billion for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 2.5%.

BlackRock Inc.’s (BLK - Free Report) second-quarter 2023 adjusted earnings of $9.26 per share handily surpassed the Zacks Consensus Estimate of $8.47. However, revenues of $4.46 billion, marginally lagged the Zacks Consensus Estimate of $4.47 billion.

Consequently, shares of JPMorgan Chase and UnitedHealth Group rose 0.6% and 7.2%, respectively, while the stock price of BlackRock fell 1.6%. JPMorgan Chase currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Economic Data

The University of Michigan reported that the preliminary index of the U.S. consumer sentiment for July came in at 72.6, well above the consensus estimate of 65.5. The final index for June was 64.4.

The sub-index for current economic condition increased to 77.5 in July from 69 in June. The sub-index for consumer expectations increased to 69.4 in July from 61.5 in June. However, expectations for overall inflation over the next year rose to 3.4% in July from 3.3% in the prior month.

Weekly Roundup

Last week was an impressive one for Wall Street as all the three major stock indexes rallied. The Dow was up 2.3%, marking its best weekly performance since March. The S&P 500 and the Nasdaq Composite advanced 2.4% and 3.3%, respectively.

Soft inflation data for June (both consumer price index and producer price index) bolstered market participants’ confidence that the Fed’s current rate hiking cycle is approaching its end.


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


JPMorgan Chase & Co. (JPM) - free report >>

UnitedHealth Group Incorporated (UNH) - free report >>

BlackRock, Inc. (BLK) - free report >>

Published in