Wall Street rises as earnings kick into high gear

Wall Street rises as earnings kick into high gear

Wall Street sign outside the New York Stock Exchange in New York City, New York, USA, October 2, 2020. REUTERS / Carlo Allegri

Sign up now for unlimited free access to Reuters.com

  • Johnson & Johnson outperformed second quarter profits
  • Boeing rises on contract to set up jets for 777 partners
  • IBM falls warning of dollar impact
  • Index up: Dow 0.77%, S & P 1.04%, NASDAQ 0.99%

July 19 (Reuters)-Wall Street’s key index rose on Tuesday, surpassing major banks in the earnings season, so investors will be affected by rising inflation on demand, even if the dollar’s appreciation makes a profit. I’m watching carefully.

The soaring US currency has reduced the view of annual adjusted profits by pharmaceutical giant Johnson & Johnson (JNJ.N), and IBM Corp (IBM.N) has warned of a blow of nearly $ 3.5 billion.read more

IBM’s share price fell 7%, but J & J rose 0.3% as it exceeded its quarterly earnings forecast.

Sign up now for unlimited free access to Reuters.com

“We will pass because we are worried that the strong dollar will be a problem and we will not see a decline in demand this season,” said Arthogan, chief market strategist at B. Riley.

Apple stocks (AAPL.O) have attempted to revive by 0.2% after falling 2% in the previous session, according to reports that they plan to slow hiring and spending growth next year.read more

Other high-growth stocks such as Tesla Inc (TSLA.O), Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O) and Amazon.com Inc (AMZN.O) were also trading at high prices.

According to Refinitiv data, analysts predict that S & P 500’s gross profit will increase 6% from the 6.8% estimate at the beginning of the quarter in the second quarter earnings season.

Spiral inflation initially boosted the market with a 100 basis point hike in interest rates at the Federal Reserve Board later this month, until some policy makers suggested a 75 basis point hike.read more

At 9:45 am ET, the Dow Jones Industrial Average (.DJI) rose 240.23 points (0.77%) to 31,312.84 and the S & P 500 (.SPX) rose 39.96 points (1.04%) to 3,870.81. Yes, the Nasdaq Composite Index (.IXIC) rose 111.99 points (0.99%) at 11,472.04.

All 11 major S & P 500 sector indexes have risen by adding at least 6 each with an additional 1% or more.

Boeing (BA.N) has purchased up to 66 Boeing 737 MAX jets, adding 2.6% to its private equity firm’s 777 partner plans.read more

Hasbro Inc (HAS.O) outperformed the market forecast for quarterly profits, increasing its share of toy makers by 0.7%.read more

Netflix (NFLX.O) shares are 0.9% higher than the post-market result.

Meanwhile, 10-year Treasury yields traded in the narrow range of 2.95% and 3.01%, boosting bets on higher-risk assets.

The problem to move forward was the New York Stock Exchange at a ratio of 7.74: 1 and Nasdaq at a ratio of 4.16: 1, outpacing the decliners.

The S & P index recorded one new 52-week high and 30 new lows, while Nasdaq recorded 11 new highs and 12 new lows.

Sign up now for unlimited free access to Reuters.com

Report by Shreyashi Sanial and Aniruddha Ghosh in Bangalore. Edited by Sriraj Kalluvila and Arun Koyyur

Our Standard: Thomson Reuters Trust Principles.



Please enter your comment!
Please enter your name here