Opening session of the week wrapped on a high note; benchmarks setting new records

Losses from last Thursday were neutralized as the major indexes set off with big gains at the start of this week.
QUARRY BAY, Hong Kong - July 13, 2021 - PRLog -- The Monday session exploded with new records being set, as traders anticipate a good Q2 performance in corporate profits to signal further improvement in the economy. This will be led by the big names in the financial industry such as Goldman Sachs and JPMorgan Chase to release their Q2 earnings report on Tuesday.

With the consumer demand continuously growing after restrictions due to the pandemic are slowly being downgraded, analysts are expecting massive earnings from S&P companies estimated to be at 64% more compared to last years.

Aside from the earnings season that was about to officially start, investors are also looking forward to Federal Reserve Chair Jerome Powell's testimony, which is his semi-annual Monetary Policy Report, before the Congress.

This is scheduled to happen on Wednesday and Thursday, in which analysts suspect that their viewpoint would start switching to dovish outlook regarding economic recovery, especially after the June jobs report was released. The report indicated mixed results which practically meant that the recovery, although underway, is crawling at a snail's pace.

The Dow Jones Industrial Average increased by more than 100 points or 036%, raising it to ne record levels. S&P 500 increased by 0.34% as well as NASDAQ Composite Index which jumped by more than 30 points or more than 0.20%%. Traders are anticipating that the momentum of the current market will stabilize since the Q2 earnings reports are almost out, and analysts are expecting further increase on most companies.

The 10 Year Treasury yield increased by 0.7 basis points ending at 1.3630%.

A short list of the Market movement is listed below:
  • The Dow Jones Industrial Average up by 0.36% or 126.02 points and at 34,996.18.
  • S&P 500 Index increased by 0.34% or 15.07 points and currently at 4,384.62.
  • NASDAQ Composite Index advanced to 14,733.24 after gaining 31.32 points or 0.21%.
  • Yield on 10 Year Treasury now at 1.3630%.
  • Gold down by $4.00 or 0.22% and now at $1,806.60 an ounce.
  • Crude down by $0.41 or 0.55% and closed at $74.15 per barrel.
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