Your Daily Rundown
The Dow Jones Industrial Average finished up 238 points, or 0.68%, to 35,061 and the S&P 500 rose 1.01%. The Nasdaq gained 1.04%.
Honeywell International posted stronger-than-expected second-quarter earnings and boosted its full-year profit outlook partly because of improving sales in its aerospace division.
Better-than-expected results from Twitter and Snap lifted other social media names like Facebook.
Snap soared nearly 24% Friday after user growth during the company’s second quarter jumped the most in four years. Twitter Inc 3.0% on the back of upbeat results.
Facebook Inc, which is due to post second-quarter results next week had a stock surge of 5.3%.
Intel issued a third-quarter sales outlook that failed to excite investors while CEO Pat Gelsinger said the global chip shortage could extend into 2023.
Chipmaker Intel Corp said late Thursday that it still faces supply constraints and provided disappointing guidance. Its stock fell 5.3%.
Moderna Inc jumped 7.8% after the European Union approved its COVID-19 vaccine for 12- to 17-year-olds.
American Express Co gained 1.3% after posting second-quarter profit that handily beat expectations on the strength of a global recovery in consumer spending.
The yield on the benchmark 10-year Treasury rose early Friday to 1.283%, recovering from lows earlier in the week, even as investors have begun worrying that inflation has bled deeper into both corporate profit projections and the broader global supply chain.
Yesterday’s Market Scorecard
NASDAQ (COMP) 13,829.31
S&P 500 (SPX) 4,411.79
+1.04%
+1.01%
Dow Jones (DJIA) 35,061.55
Russell 2000 (RUT) 2,209.65
+0.68%
+0.46%
The News Desk
Pelosi Appoints GOP Rep. Kinzinger To Jan. 6 Committee
House Speaker Nancy Pelosi (D-Calif.) announced Sunday that she has appointed Rep. Adam Kinzinger (R-Ill.) to serve on the House select committee investigating the Jan 6. Capitol riot.
Pelosi’s announcement comes after she rejected two of the five Republican appointments offered by House Minority Leader Kevin McCarthy (R-Calif.).
What they’re saying: “Speaker Pelosi’s rejection of the Republican nominees to serve on the committee and self-appointment of members who share her pre-conceived narrative will not yield a serious investigation,” McCarthy said in a statement on Sunday.
You have been appointed good sir
Dr. Fauci Says A Third Booster Shot’ Might Likely Happen’
Dr. Anthony Fauci, the nation’s infectious disease expert and President Biden’s chief medical advisor, says that a third COVID vaccine booster shot “might likely happen.”
Emerging data from Israel indicates that the two-shot Pfizer vaccine could be less effective against the Delta variant.
As Delta causes a surge in cases, Fauci said the coronavirus outbreak is now “a pandemic among the unvaccinated.”
When you realize there’s not really a light at the end of the tunnel
A Tax Loophole Is Helping BTC Holders Save Tons Of Cash By Avoiding Federal Taxes
The crypto market is down 46% from its all-time high in May, but shrewd investors are celebrating the dip in prices.
Because the IRS classifies digital currencies like bitcoin as property, losses on crypto holdings are treated much differently than losses on stocks and mutual funds, according to Onramp Invest CEO Tyrone Ross.
With crypto tokens, wash sale rules don’t apply, meaning that you can sell your bitcoin and buy it right back, whereas with a stock, you would have to wait 30 days to buy it back.
Time to celebrate the dip!
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Monday, July 26th: New Home Sales (MoM) (10:00 AM ET)
Tuesday, July 27th: Durable Goods Orders(Jun) (8:30 AM ET)
Tuesday, July 27th: Nondefense Capital Goods Orders ex Aircraft(Jun) (8:30 AM ET)
Tuesday, July 27th: Consumer Confidence (10:00 AM ET)
Wednesday, July 28th: International Trade in Goods (Advance) (8:30 AM ET)
Wednesday, July 28th: EIA Petroleum Status Report (10:30 AM ET)
Wednesday, July 28th: Fed Interest Rate Decision (2:00 PM ET)
Wednesday, July 28th: Fed’s Monetary Policy Statement (2:00 PM ET)
Wednesday, July 28th: FOMC Press Conference (2:30 PM ET)
Thursday, July 29th: Gross Domestic Product Annualized(Q2) (8:30 AM ET)
Thursday, July 29th: Jobless Claims (8:30 AM ET)
Friday, July 30th: Personal Income and Outlays (8:30 AM ET)
Earnings Calendar
Trading Quote of The Day
“I believe in analysis and not forecasting.” – Nicolas Darvas
