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Wall Street rebounded on Monday, regaining some of the ground lost last week, as investors digested earnings reports from a batch of companies and waited for key inflation readings scheduled for release later this week. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 1.2% or 407.51 points to close at 35,473.13 points, recording its best single-day percentage gain since Jun 15.
The S&P 500 climbed 0.9% or 40.41 points to end at 4,518.44 points, to end its fourth straight day of losses. Communication services, financial, industrial and real estate stocks were the best performers.
The Communication Services Select Sector SPDR (XLC) gained 1.6%. The Financials Select Sector SPDR (XLF) advanced 1.4%, while the Industrials Select Sector SPDR (XLI) rose 1.2%. The Real Estate Select Sector SPDR (XLRE) gained 1.3%. All 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 0.6% or 85.16 points to finish at 13,994.40 points, ending its four-day losing streak.
The fear-gauge CBOE Volatility Index (VIX) was down 7.78% to 15.77. A total of 9.92 billion shares were traded on Monday, lower than the last 20-session average of 10.86 billion.
Investors Regain Lost Confidence
Investors returned to markets with renewed vigor on Monday after a disappointing last week that saw the S&P 500 recording its worst week of declines since March. This has been a great year for stocks so far, with the S&P 500 rallying 17.7%, driven by optimism surrounding artificial intelligence and expectations that the economy might have a softer landing.
However, concerns grew last week about higher Treasury issuance that yielded higher. Also, mixed earnings from some of the biggest companies dented investors’ sentiments. This saw stocks taking a hit last week.
On Monday, investors left behind the fears as they started a fresh week keeping a close watch on the final leg of the second-quarter earnings season.
Earnings Season in Its Last Leg
Investors are keeping a close watch on the earnings season. Among the S&P 500 companies, 34 are scheduled to report their quarterly results this week. This includes Dow component The Walt Disney Company ((DIS - Free Report) ).
Of the total S&P 500 companies, 84% have already reported their results for the second quarter. On Monday, Tyson Foods, Inc. ((TSN - Free Report) ) shares tumbled 3.8% after the company reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.34 per share. Tyson Foods Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Elanco Animal Health Incorporated ((ELAN - Free Report) ) reported earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.05 per share. The company’s shares jumped 4%.
Investors are also awaiting the key Consumer Price Index (CPI) and Producer Price Index (PPI) readings for July, which are scheduled for release on Thursday and Friday, respectively. The CPI and PPI readings will give them a clearer picture of how the Fed plans to move ahead with its monetary tightening policy.
No major economic data was released on Monday.
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Stock Market News for Aug 8, 2023
Wall Street rebounded on Monday, regaining some of the ground lost last week, as investors digested earnings reports from a batch of companies and waited for key inflation readings scheduled for release later this week. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) jumped 1.2% or 407.51 points to close at 35,473.13 points, recording its best single-day percentage gain since Jun 15.
The S&P 500 climbed 0.9% or 40.41 points to end at 4,518.44 points, to end its fourth straight day of losses. Communication services, financial, industrial and real estate stocks were the best performers.
The Communication Services Select Sector SPDR (XLC) gained 1.6%. The Financials Select Sector SPDR (XLF) advanced 1.4%, while the Industrials Select Sector SPDR (XLI) rose 1.2%. The Real Estate Select Sector SPDR (XLRE) gained 1.3%. All 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq rose 0.6% or 85.16 points to finish at 13,994.40 points, ending its four-day losing streak.
The fear-gauge CBOE Volatility Index (VIX) was down 7.78% to 15.77. A total of 9.92 billion shares were traded on Monday, lower than the last 20-session average of 10.86 billion.
Investors Regain Lost Confidence
Investors returned to markets with renewed vigor on Monday after a disappointing last week that saw the S&P 500 recording its worst week of declines since March. This has been a great year for stocks so far, with the S&P 500 rallying 17.7%, driven by optimism surrounding artificial intelligence and expectations that the economy might have a softer landing.
However, concerns grew last week about higher Treasury issuance that yielded higher. Also, mixed earnings from some of the biggest companies dented investors’ sentiments. This saw stocks taking a hit last week.
On Monday, investors left behind the fears as they started a fresh week keeping a close watch on the final leg of the second-quarter earnings season.
Earnings Season in Its Last Leg
Investors are keeping a close watch on the earnings season. Among the S&P 500 companies, 34 are scheduled to report their quarterly results this week. This includes Dow component The Walt Disney Company ((DIS - Free Report) ).
Of the total S&P 500 companies, 84% have already reported their results for the second quarter. On Monday, Tyson Foods, Inc. ((TSN - Free Report) ) shares tumbled 3.8% after the company reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.34 per share. Tyson Foods Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Elanco Animal Health Incorporated ((ELAN - Free Report) ) reported earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.05 per share. The company’s shares jumped 4%.
Investors are also awaiting the key Consumer Price Index (CPI) and Producer Price Index (PPI) readings for July, which are scheduled for release on Thursday and Friday, respectively. The CPI and PPI readings will give them a clearer picture of how the Fed plans to move ahead with its monetary tightening policy.
No major economic data was released on Monday.