US Market driven upwards as stocks rise prior to the release of jobs report for July

Today's session wrapped on record levels as stocks increase even before traders get hold of the July jobs report, while another data released positively indicates the recovery of the labor market, along with more Q2 earnings report of mixed nature.
WAN CHAI, Hong Kong - Aug. 12, 2021 - PRLog -- All three major indexes closed higher, with S&P 500 setting a new closing high, while shares of companies that would benefit with the economic reopening rose along with financial and cyclical energy stocks to contribute to the market's momentum. Both NASDAQ and the Dow are inching closer to record levels with gains only a bit short of 0.80%.

Investors are also watching out for the results of the quarterly earnings report, citing than most major companies easily exceeded the estimates set by Wall Street apart from some special cases.

Amongst them were Uber - which announced that their EBITDA loss was wider than anticipated for Q2, Lyft – profit was adjusted for the second quarter period, and Etsy – which failed to meet their forecasted sales causing the company's stocks to sink. Aside from them, majority of the companies exceeded estimates as they make up 88% of all those whose earnings reports have already announced. Based on this trend, the anticipated growth rate for the companies under S&P 500 is around 85.1% which would be its biggest increase since 2009.

Interest rates plunged yet again, with the 10-year benchmark yield hitting under 1.13% which was its lowest point for the last six months. This happened when the news about the private payrolls missing the estimated target by more than half, hence the concerns over economic recovery once again flared. This was just recently reversed by the recent data referring to the Institute for Supply Management setting a record index for July services.

Summary below:
  • NASDAQ Composite Index stepped up to 14,895.12 after gaining 0.78% or 114.58 points.
  • The Dow Jones Industrial Average closed at 35,064.25 and went up by 0.78% or 271.58 points.
  • S&P 500 Index moved higher by 0.60% or 26.47 points and wrapped at 4,429.13.
  • U.S. 10 Year Treasury yield recovered and moved up to 1.2170%.
  • Gold stepped down by 0.38% or $6.90 and now at $1,807.60 an ounce.
  • Crude jumped higher by 1.42% or $0.97 at $69.12 per barrel.
Cryptocurrencies are finding a stable spot on the recent days, limiting losses or gains to just 5% or less Here's the current summary for the most commonly known cryptocurrencies:
  • Bitcoin (BTC) - $40,088.33
  • Etherium (ETH) - $2,754.57
  • Ripple (XPR) - $0.72938
  • Bitcoin Cash (BCH) - $541.89
  • LiteCoin (LTC) - $145.20
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