Markets on fire; stocks gaining as earnings overwhelm virus concerns

The market was able to reverse losses from the session on Monday, as investors temporarily set aside Delta virus and its growth concerns to focus on the overwhelming earnings report and the optimism that brings a possible economic recovery.
 
CENTRAL DISTRICT, Hong Kong - Aug. 12, 2021 - PRLog -- All three major indexes wrapped with gains, with both S&P 500 and the Dow nearing record levels while NASDAQ was left behind due to the pressure that the big tech stocks are under. Traders continue to adapt a wait and see attitude while waiting for a catalyst that would decide the upcoming market trends. They eagerly watch out for news from the policymakers, corporate earnings report and new economic data.

Tuesday's session allowed the market to recover some of the losses from Monday's mixed results. The Labor Department's July jobs report mirrors the improvement of the labor market over the summer, and it is being used by the Federal Reserve as its yardstick for measuring the economic recovery.

That being said, it is still a bit way off the mark that they wish to accomplish, hence letting the current policies stay as is. This, coupled with the strong corporate earnings report, have driven the stock market to a higher direction.

Stocks of Under Armour gained after they managed to exceed sales estimates set by Wall Street, then adjusted the companies full-year earnings guidance.  Another company whose stocks rose is the Simon Property Group, after Q2 earnings report exceeded analyst expectations, adjusted estimates and bolstered the dividend as the group is expecting foot traffic and occupancy rate in malls to increase with the economic reopening. Take-Two Interactive, on the other hand, missed the target and ended lower on the stock market.

The market summary are as follows:
  • The Dow Jones Industrial Average rose to 35,116.40 after gaining 278.24 points or 0.80%.
  • The S&P 500 Index moved higher by 36.00 points or 0.82% and closed at 4,423.16.
  • NASDAQ Composite Index increased to 14,761.30 after rising by 0.55% or 80.23 points.
  • U.S. 10 Year Treasury yield is up by 0.2 basis points and at 1.1760%.
  • Crude is at $70.63 per barrel after losing 0.88% or $0.63.
  • Gold is currently at $1,813.80 an ounce after losing 0.46% or $8.40.
Strong earnings report managed to carry S&P higher, while NASDAQ was burdened by the pressure the big techs are facing.

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