We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wall Street bounced back from a three-day rout to end higher on Tuesday as investors paused concerns about an impending recession. Strong earnings results buoyed the markets as well, while crude oil prices scaled northward. The Nasdaq, the Dow, and the S&P 500 all closed in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.8% or 294.39 points to close at 38,997.66. Notably, 19 components of the 30-stock index ended in positive territory, while 11 ended in negative zone.
The tech-heavy Nasdaq Composite advanced 166.77 points, or 1%, to close at 16,366.86.
The S&P 500 gained 53.7 points, or 1%, to close at 5,240.03. Eight of the 11 broad sectors of the benchmark index closed in the red. The Real Estate Select Sector SPDR (XLRE), the Financials Select Sector SPDR (XLF), and the Technology Select Sector SPDR (XLK) rose 2.2%, 1.6% and 1.4%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 27.7% to 28.16. A total of 13.52 billion shares were traded on Tuesday, higher than the last 20-session average of 12.48 billion. The S&P 500 posted 12 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 31 new highs and 144 new lows.
Crude Oil Prices Rise as Market Rebounds
On Tuesday, the price of U.S. oil surged past $73 per barrel, showing a recovery from its six-month low of $72.94 per barrel. This uptick coincided with a rebound in the stock market following a downturn. Both the S&P 500 and the Nasdaq 100 saw gains of 1% after a 6% decline caused by concerns over an economic slowdown and the perceived overvaluation of technology stocks, which were further exacerbated by an increase in U.S. unemployment rates.
West Texas Intermediate (WTI) crude oil settled at $73.20 per barrel, while Brent crude rose to $76.48 per barrel. The rise in oil prices can be partly attributed to escalating tensions in the Middle East due to events such as the assassination of a Hamas leader in Tehran and the chance of actions from Iran against Israel.
Strong Earnings
Uber Technologies, Inc. (UBER - Free Report) reported second-quarter 2024 adjusted earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.31 per share. The technology company generated total revenues of $10.7 billion, outpacing the Zacks Consensus Estimate of $10.56 billion.
TG Therapeutics, Inc. (TGTX - Free Report) reported second-quarter 2024 adjusted earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.04 per share. This medical company generated total revenues of $73.47 million, beating the Zacks Consensus Estimate by 11.12%.
Planet Fitness, Inc. (PLNT - Free Report) reported second-quarter 2024 adjusted earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.65 per share. The Leisure and Recreation Services company generated total revenues of $300.94 million, outpacing the Zacks Consensus Estimate by 2.93%. Consequently, shares of Uber Technologies, TG Therapeutics and Planet Fitness returned 10.9%, 19.6% and 6.1%, respectively. Each of these stocks carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The U.S. trade deficits for goods and services in June came in at $73.1 billion, marginally higher than the consensus estimate of $72.5 billion. May’s data was revised higher to a deficit of $75 billion from $75.1 billion reported earlier.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Stock Market News for Aug 7, 2024
Market News
Wall Street bounced back from a three-day rout to end higher on Tuesday as investors paused concerns about an impending recession. Strong earnings results buoyed the markets as well, while crude oil prices scaled northward. The Nasdaq, the Dow, and the S&P 500 all closed in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.8% or 294.39 points to close at 38,997.66. Notably, 19 components of the 30-stock index ended in positive territory, while 11 ended in negative zone.
The tech-heavy Nasdaq Composite advanced 166.77 points, or 1%, to close at 16,366.86.
The S&P 500 gained 53.7 points, or 1%, to close at 5,240.03. Eight of the 11 broad sectors of the benchmark index closed in the red. The Real Estate Select Sector SPDR (XLRE), the Financials Select Sector SPDR (XLF), and the Technology Select Sector SPDR (XLK) rose 2.2%, 1.6% and 1.4%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 27.7% to 28.16. A total of 13.52 billion shares were traded on Tuesday, higher than the last 20-session average of 12.48 billion. The S&P 500 posted 12 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 31 new highs and 144 new lows.
Crude Oil Prices Rise as Market Rebounds
On Tuesday, the price of U.S. oil surged past $73 per barrel, showing a recovery from its six-month low of $72.94 per barrel. This uptick coincided with a rebound in the stock market following a downturn. Both the S&P 500 and the Nasdaq 100 saw gains of 1% after a 6% decline caused by concerns over an economic slowdown and the perceived overvaluation of technology stocks, which were further exacerbated by an increase in U.S. unemployment rates.
West Texas Intermediate (WTI) crude oil settled at $73.20 per barrel, while Brent crude rose to $76.48 per barrel. The rise in oil prices can be partly attributed to escalating tensions in the Middle East due to events such as the assassination of a Hamas leader in Tehran and the chance of actions from Iran against Israel.
Strong Earnings
Uber Technologies, Inc. (UBER - Free Report) reported second-quarter 2024 adjusted earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.31 per share. The technology company generated total revenues of $10.7 billion, outpacing the Zacks Consensus Estimate of $10.56 billion.
TG Therapeutics, Inc. (TGTX - Free Report) reported second-quarter 2024 adjusted earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.04 per share. This medical company generated total revenues of $73.47 million, beating the Zacks Consensus Estimate by 11.12%.
Planet Fitness, Inc. (PLNT - Free Report) reported second-quarter 2024 adjusted earnings of $0.71 per share, beating the Zacks Consensus Estimate of $0.65 per share. The Leisure and Recreation Services company generated total revenues of $300.94 million, outpacing the Zacks Consensus Estimate by 2.93%.
Consequently, shares of Uber Technologies, TG Therapeutics and Planet Fitness returned 10.9%, 19.6% and 6.1%, respectively. Each of these stocks carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
The U.S. trade deficits for goods and services in June came in at $73.1 billion, marginally higher than the consensus estimate of $72.5 billion. May’s data was revised higher to a deficit of $75 billion from $75.1 billion reported earlier.