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23 Jul, 2021 16:18 23 Jul, 2021 16:18

US open: Nasdaq-100 at record high as analysts wax optimistic on earnings

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Trading on Wall Street is off to a positive start on the back of a slew of positive corporate earnings, including from Intel, Snap and Twitter overnight.

With 18% of companies in the US having already reported second quarter earnings, strategists at JP Morgan said analysts' estimates for the quarter remained "too conservative, with a likely continued inflection higher".

Nevertheless, year-to-date they had revised their estimates up by 16%.

Against that backdrop, as of 1608 BST the Dow Jones Industrials was rising by 229.92 points to 35,055.38, alongside a 71.91 point jump in the S&P 500 to 4,399.50.

The Nasdaq Composite meanwhile was up by 72.05 points at 14,756.10.

US 10-year Treasury yields and the dollar were both edging higher in the background with the latter heading for a second weekly gain.

Intel trounced analysts' estimates for the second quarter overnight, but traders were giving the semiconductor maker the cold shoulder, sending its stock down by 6%.

The chip-making giant posted a 2.0% rise in sales to $18.5bn (consensus: $17.8bn) for net income, excluding one-offs, of $5.2bn and earnings per share of $1.28 (consensus: $1.07).

But its third quarter guidance for sales fell short, amid ongoing concerns around the company's loss of market share in the market for server chips.

Stock in Twitter on the other hand was up 4% after the social media platform surprised investors with its second quarter figures for new users and advertising sales.

Snap shares were 20% higher alongside after announcing that second quarter sales had more than doubled, resulting in a big beat on its bottom line.

On the economic side of things, IHS Markit's composite output index for US services and manufacturing fell from 63.7 to 59.7, amid shortages of labour and raw materials, on top of the uncertainty around the Delta variant.

And business optimism for the year ahead ebbed to its lowest level of 2021.

That prompted Chris Williamson, IHS Markit's chief business economist, to muse out loud: "The concern is this drop in confidence could feed through to reduced spending, investment and hiring, adding to the possibility that growth could slow further in coming months."

Dow Jones - Risers

American Express Co. (AXP) $176.91 3.52%
McDonald's Corp. (MCD) $243.80 2.15%
Visa Inc. (V) $248.45 1.77%
Home Depot Inc. (HD) $331.19 1.39%
Nike Inc. (NKE) $165.57 1.15%
Cisco Systems Inc. (CSCO) $55.15 1.11%
Boeing Co. (BA) $222.94 0.94%
Amgen Inc. (AMGN) $246.84 0.86%
Merck & Co. Inc. (MRK) $77.16 0.82%
Microsoft Corp. (MSFT) $288.45 0.81%

Dow Jones - Fallers

Intel Corp. (INTC) $52.90 -5.48%
Dow Chemical Co. (DOW) $60.08 -0.66%
Salesforce.Com Inc. (CRM) $247.52 -0.31%
Verizon Communications Inc. (VZ) $55.85 -0.17%
Walgreens Boots Alliance, Inc. (WBA) $46.42 -0.15%
Chevron Corp. (CVX) $98.79 -0.03%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Walt Disney Co. (DIS) $175.15 0.01%
Caterpillar Inc. (CAT) $209.37 0.10%

S&P 500 - Risers

Robert Half International Inc. (RHI) $94.15 8.84%
Facebook Inc. (FB) $367.79 4.73%
D. R. Horton Inc. (DHI) $93.07 3.83%
American Express Co. (AXP) $176.91 3.52%
Twitter Inc (TWTR) $71.85 3.28%
Monster Beverage Corp (MNST) $96.06 2.88%
PulteGroup Inc. (PHM) $54.00 2.88%
Best Buy Co. Inc. (BBY) $112.99 2.74%
Lamb Weston Holdings, Inc. (LW) $76.60 2.70%
Synchrony Financial (SYF) $47.06 2.50%

S&P 500 - Fallers

Intel Corp. (INTC) $52.90 -5.48%
VeriSign Inc. (VRSN) $222.63 -4.67%
FMC Technologies Inc. (FTI) $6.95 -3.94%
Ball Corp (BLL) $78.75 -3.64%
Oracle Corp. (ORCL) $88.33 -2.60%
Kimberly-Clark Corp. (KMB) $131.57 -2.51%
Carnival Corp. (CCL) $22.21 -2.20%
ConocoPhillips (COP) $55.43 -2.19%
Albemarle Corp. (ALB) $188.73 -2.09%
Wynn Resorts Ltd. (WYNN) $105.18 -2.07%

Nasdaq 100 - Risers

Facebook Inc. (FB) $367.79 4.73%
Monster Beverage Corp (MNST) $96.06 2.88%
Asml Holdings N.V. (ASML) $749.74 2.72%
Alphabet Inc. Class C (GOOG) $2,733.12 2.50%
Alphabet Inc. Class A (GOOGL) $2,632.21 2.48%
Starbucks Corp. (SBUX) $125.60 2.42%
Vodafone Group Plc ADS (VOD) $16.60 2.41%
Cognizant Technology Solutions Corp. (CTSH) $69.35 1.82%
Cadence Design Systems Inc. (CDNS) $145.32 1.61%
O'Reilly Automotive Inc. (ORLY) $618.59 1.57%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $105.17 -6.56%
JD.com, Inc. (JD) $71.19 -6.22%
Intel Corp. (INTC) $52.90 -5.48%
Baidu Inc. (BIDU) $169.98 -4.77%
Trip.com Group Limited (TCOM) $27.58 -3.41%
Biomarin Pharmaceutical Inc. (BMRN) $76.60 -2.37%
Wynn Resorts Ltd. (WYNN) $105.18 -2.07%
Tesla Inc (TSLA) $639.19 -1.55%
Nvidia Corp. (NVDA) $193.04 -1.48%
Biogen Inc (BIIB) $321.98 -1.34%


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.