2021-07-24 12:50:27
Our trading team last week market summary September contracts on the S&P 500 Index and Nasdaq 100 Index climbed at least 0.2% each. The dollar weakened. Ten-year Treasury yields slipped.
Worries over a new delta variant threatening to disrupt the ongoing economic growth roiled markets at the start of the week. About 86% of the S&P 500 firms reporting so far have beaten analysts' expectations, while 12-month profit forecasts for the gauge are rising at the fastest pace in decades.
Giants such as Verizon Communications Inc. and Coca-Cola Co. rose after better-than-estimated quarterly results. Despite investor jitters on whether Covid-19 infections will upend a travel resurgence, United Airlines Holdings Inc. predicted turning into profitability. Meanwhile, Netflix Inc. retreated on a disappointing subscriber forecast.
Crude oil fluctuated between gains and losses as investors weighed signs of continued demand for oil products, including gasoline, against disruptions triggered by the spread of the delta variant. In addition, China has been releasing crude from its strategic reserves to local refiners to cool prices.
An MSCI Inc. gauge of Asia-Pacific shares rose for a second day, led by cyclical sectors like materials and energy, though technology also pushed higher.
Unilever Plc fell the most since Feb. 4 in London after the company lowered its guidance for profitability, citing cost inflation.
ECB officials will outline how their new inflation goal affects their intentions for future monetary policy. President Joe Biden dismissed concerns that the U.S. will experience persistent inflation, echoing views held by the Federal Reserve policymakers.
Strategists from JPMorgan Chase & Co. and UBS Global Wealth Management urged clients to buy cyclicals as the economic recovery is just getting started.
Bitcoin held around $32,000 to consolidate a rebound stoked by Elon Musk, Jack Dorsey, and Cathie Wood on the future of the largest cryptocurrency. Tesla CEO Elon Musk on Thursday said he owns Bitcoin, Dogecoin, and Ethereum. Musk added that Tesla and SpaceX also own Bitcoin. Dorsey announced that Square is creating a new business focused on "decentralized financial services" using bitcoin. After that announcement, Wood's ARK Invest purchased another 225,937 shares of Square worth around $53.6 million, based on Square's closing price last Thursday.
Stocks
• The Stoxx Europe 600 rose 0.5% as of 8:48 a.m. London time
• The MSCI Asia Pacific Index rose 0.8%
• The MSCI Emerging Markets Index rose 1%
Currencies
• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.1795
• The Japanese yen was little changed at 110.26 per dollar
• The offshore yuan was little changed at 6.4671 per dollar
• The British pound rose 0.2% to $1.3745
Bonds
• The yield on 10-year Treasuries declined two basis points to 1.27%
• Germany's 10-year yield was little changed at -0.40%
• Britain's 10-year yield was little changed at 0.60%
Commodities
• Brent crude fell 0.3% to $72 a barrel
• Spot gold fell 0.1% to $1,801.35 an ounce
Cryptocurrency
• Bitcoin BTC $32,000
• Ethereum ETH $1,989
• Cardano ADA $1.17
• Ripple XRP $0.57
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