Saturday, June 10, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Business

Tech Leads Stock Rally With Nasdaq 100 Surging 3%: Markets Wrap

Updates Finance by Updates Finance
July 19, 2022
in Business
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Italy’s Serie A draws private equity interest for media rights stake

Russia has received hundreds of Iranian drones to attack Ukraine, says White House

Stocks in the current market rally may have gotten too pricey

(Bloomberg) — US stocks extended gains in a broad-based rally as investors assessed the outlook for earnings amid speculation disappointments may be already priced into markets.

Most Read from Bloomberg

The S&P 500 jumped more than 2%, with all 11 industry groups rising. The tech-heavy Nasdaq 100 outperformed major benchmarks, up 3%, with megacaps Apple Inc. and Alphabet Inc. bouncing back from Monday’s losses ahead of Netflix Inc.’s earnings due later today. Johnson & Johnson gained even as it lowered its earnings and revenue forecast for the year.

With the potential for earnings disappointments baked into markets, any upside surprises may lead to outsized gains. Investors remain on high alert for signs that high inflation and monetary tightening are squeezing consumers and employment, with allocation to stocks plunging to levels last seen in October 2008 and exposure to cash surged to the highest since 2001, according to the latest Bank of America Corp.’s monthly fund manager survey.

“Earnings, so far, there’s been some caution and there’s been a little bit of dialing down of expectations, but I don’t think the worst-case scenarios are really in play anymore,” Shawn Cruz, head trading strategist at TD Ameritrade, said in an interview. “We’ve heard from the big banks, we’ve heard from IBM, we’ve heard from Johnson & Johnson, we’ve heard from enough companies that have had a big enough footprint that if there is something at the macro level severely impacting these businesses, it would have shown up in a lot of these earnings.”

Also on the earnings front, Hasbro Inc., the largest US toy company, gained after earnings beat analyst estimates, while International Business Machines Corp. fell as the tech company lowered its forecasts for free cash flow.

https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1

In other company news, Twitter Inc. shares gained as a Delaware judge allowed the social media company to fast-track its lawsuit against Elon Musk, with the trial set to take place in October.

The dollar fell against its Group-of-10 peers. Treasuries traded lower, with the 10-year yield rising back to 3%.

Rapid Dollar Retreat Stirs Debate About Whether Peak Has Passed

Meanwhile, the euro rose to its highest level in about two weeks after Bloomberg News reported the European Central Bank may consider raising interest rates on Thursday by double the quarter-point outlined previously to counter worsening inflation.

Markets are pricing in about 38 basis points of tightening on Thursday, when the ECB is expected to raise rates for the first time in more than a decade. That reflects about a 50/50 chance of a 50-basis point increase.

The ECB is under pressure to subdue inflation, but the potential for a Russian gas shutdown could plunge Europe into recession. The European Union is preparing to tell members to cut gas consumption “immediately” to preserve supplies for winter, according to a report.

Elsewhere, oil rebounded, with West Texas Intermediate crude rising to $104 a barrel, while a rally in cryptocurrencies took Bitcoin out of a one-month-old trading range, up above $23,000.

More market commentary:

  • “Stocks have been beaten down,” Kristina Hooper, chief global market strategist at Invesco, wrote in a note. “That doesn’t mean we won’t see more downside for some stock markets around the world, especially given that earnings expectations are likely to be adjusted downward. But I believe we are far closer to the bottom than the top.”

  • “There is a growing feeling in the market that the gradual and cautious normalization process the ECB started at the end of 2021 has been the wrong decision and that to make up for that slow and late,” wrote Fawad Razaqzada, market analyst at City Index. “Indeed, even until its June meeting, the ECB was pre-committing to a 25-basis point hike in July. But with the broad weakening of the euro helping to import more inflation in the eurozone, the ECB could surprise with a 50 bp hike.”

How far will the Fed go in this hiking cycle? It takes one minute to participate in the confidential MLIV Pulse survey, so please click here to get involved.

Key events to watch this week:

  • Earnings this week include Netflix, Tesla

  • US Treasury Secretary Janet Yellen visits South Korea. Tuesday

  • Reserve Bank of Australia releases July minutes. Tuesday

  • UK Chancellor Nadhim Zahawi and Bank of England Governor Andrew Bailey speak at event. Tuesday

  • Bloomberg Crypto Summit in New York. Tuesday

  • Bank of Japan, European Central Bank rate decisions. Thursday

  • Nord Stream 1 pipeline scheduled to reopen following maintenance. Thursday

Some of the main moves in markets:

Stocks

  • The S&P 500 rose 2.6% as of 2:16 p.m. New York time

  • The Nasdaq 100 rose 3%

  • The Dow Jones Industrial Average rose 2.2%

  • The MSCI World index rose 1.9%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.5%

  • The euro rose 0.8% to $1.0229

  • The British pound rose 0.3% to $1.1992

  • The Japanese yen was little changed at 138.20 per dollar

Bonds

  • The yield on 10-year Treasuries advanced two basis points to 3.01%

  • Germany’s 10-year yield advanced six basis points to 1.28%

  • Britain’s 10-year yield advanced two basis points to 2.18%

Commodities

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.



Source link

Tags: LeadsMarketsNasdaqrallyStockSurgingTechWrap
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

Italy’s Serie A draws private equity interest for media rights stake

by Updates Finance
June 10, 2023
0

Italy’s top football league has started talks with private equity firms over the sale of a stake in its media rights business as it considers options to secure...

Read more

Russia has received hundreds of Iranian drones to attack Ukraine, says White House

by Updates Finance
June 10, 2023
0

A man tries to extinguish a fire at a residential house that was hit during Russian shelling next to a flooded area on June 9, 2023 in Kherson,...

Read more

Stocks in the current market rally may have gotten too pricey

by Updates Finance
June 9, 2023
0

Markets, Boaz Weinstein said this week, are “constantly wrong.” Telling which one is most astray right now has become the big challenge for investors facing conflicting signals across...

Read more

Snap Your Fingers For Season 2 Of HGTV’s ‘Lil Jon Wants to Do What?’

by Updates Finance
June 9, 2023
0

This rapper is getting crunk for a new season of his home renovation. On July 10, 2023, Grammy-nominated rapper Lil Jon will premiere season two of Lil Jon...

Read more

How to Deal With Imposter Syndrome as a Young Entrepreneur

by Updates Finance
June 9, 2023
0

Opinions expressed by Entrepreneur contributors are their own. Have you ever experienced doubts about your own abilities or felt out of place among successful individuals? Do feelings of...

Read more
Next Post

3AC allegedly liable for $2.8B in creditor claims

Related News

New Update: Spanish Semester Course Diagnostic & Final Exams

August 18, 2022

ChatGPT adds plugins, will search the web for you

May 15, 2023

The 8 Rules Of Dividend Investing

November 22, 2022

Browse by Category

  • 1Win Casino
  • blog
  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Mostbet Casino
  • Mostbet kazinosu
  • Mostbet kumarhanesi
  • Online Dating
  • Personal Finance
  • Retirement
  • Startups
  • Technology
  • Uncategorized

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • 1Win Casino
  • blog
  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Mostbet Casino
  • Mostbet kazinosu
  • Mostbet kumarhanesi
  • Online Dating
  • Personal Finance
  • Retirement
  • Startups
  • Technology
  • Uncategorized

Recent News

  • U.S. gives Havana embassy a facelift after years of neglect By Reuters
  • Italy’s Serie A draws private equity interest for media rights stake

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1 https://www.videosprofitnetwork.com/watch.xml?key=23dd8a3bb9168e7b5f33ef2b66f1a432
https://www.videosprofitnetwork.com/watch.xml?key=23dd8a3bb9168e7b5f33ef2b66f1a432 https://www.highcpmrevenuenetwork.com/yjx9n4xz?key=2ae113e708965368d7206a42df6559d1
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?