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On Friday, the major indexes ended in mixed territory following a volatile session as investors looked ahead to the next round of megacap earnings reports scheduled for next week.
The S&P 500 rose 3.68 points (+0.05%) to 7,411.98, while the Dow gained 235.6 points (+0.46%) to 51,947.25. In contrast, the Nasdaq 100 fell 326.466 points (-1.15%) to 28,128.342. Most sectors closed higher, led by Real Estate (XLRE), Materials (XLB), and Consumer Staples (XLP). Technology (XLK) was the only sector to finish down.
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U.S. Economic Developments: |
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New home sales rose 1.6% month over month in June, trailing the 3.4% expected gain. At the same time, the S&P Global Composite PMI improved to 53.6 in July, beating the 52.3 estimate. The Manufacturing PMI came in at 53.8, below the 54.2 forecast, while the Services PMI climbed to 53.6, well above the 51.4 expected.
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Apple (AAPL) rose 3.54% after Morgan Stanley reiterated an “Overweight” rating.
Intel (INTC) fell 7.90% even though it delivered a strong third-quarter outlook supported by resilient demand. The company also reported second-quarter results that exceeded expectations.
Oracle (ORCL) dropped 4.20%. The company secured a 10-year contract worth up to $6.99 billion from the Pentagon, intended to centralize and streamline the purchase of Oracle products and services across the department.
American Express (AXP) declined 4.28% following mixed second-quarter results, with earnings beating expectations but revenue coming in below forecasts.
Verizon Communications (VZ) climbed 5.93% after increasing its full-year outlook for adjusted EPS and free cash flow.
SLB (SLB) surged 11.10% after posting quarterly earnings that topped expectations.
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European indices finished in positive territory. Germany's Dax rose 335pts (+1.36%) to 25099, France's Cac 40 gained 73pts (+0.88%) to 8372, and the U.K.'s FTSE 100 increased 97pts (+0.91%) to 10736.
On the data front, the eurozone’s S&P Global composite PMI climbed to 51.9 in July (first estimate), up from 50.0 in June and above the 50.5 expected. The UK’s S&P Global manufacturing PMI rose to 52.8 (52 forecast) from 52.5 in June. British retail sales also grew 1.0% month-on-month in June, compared with -0.3% expected and after a 1.2% increase in May. In Germany, the GfK consumer confidence leading indicator fell to -29.6 for August, slightly below the -29 forecast and down from -29.3 in July (revised from -29.2).
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX dipped 0.12pts (-0.64%) to 18.58 and the US 10 year yield fell to 4.683%.
Precious Metals & Crude:
In the commodities market, Gold rose 5.64 dollars (+0.14%) to 4052.79 and Silver gained 0.46 dollars (+0.79%) to 58.13.
WTI Crude Oil slipped 2.11 dollars (-2.29%) to 90.08. President Trump vowed “major military punishment” for Iran and its Houthi allies following a Houthi attack on two Saudi oil tankers in the Red Sea. The Wall Street Journal also reported that Bahrain and Kuwait secretly dispatched jets to strike targets inside Iran, marking their first direct retaliation.
The Dollar & Majors:
The dollar index increased 0.03pts (+0.03%) to 101.478.
EUR/USD dropped 8pips (-0.07%) to 1.1368.
GBP/USD added 3pips (+0.02%) to 1.3316.
USD/JPY fell 2pips (-0.01%) to 163.83. Japan’s core inflation rose to 1.6% year over year in June, exceeding the 1.5% forecast.
USD/CHF climbed 18pips (+0.22%) to 0.8183.
AUD/USD rose 12pips (+0.17%) to 0.6979.
USD/CAD advanced 20pips (+0.14%) to 1.4102. Canada’s PPI rose 12.4% year over year in June, coming in below the 12.8% forecast and easing from 13.6% in May. It was the first slowdown in growth after three consecutive months of acceleration.
Digital Assets:
Finally, in the cryptocurrencies market, Bitcoin fell 933 dollars (-1.43%) to 64176 and Ethereum dropped 21 dollars (-1.16%) to 1863.
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