Your Daily Rundown
The Dow Jones Industrial Average rose 550 points, or 1.62%, to near 34,512, the S&P 500 gained 1.52% and the Nasdaq rose 1.57%.
Leading the Dow higher were Boeing up 4.9%, and Honeywell up 4.1%.
Halliburton Co rose 3.7% after a bounce-back in crude prices boosted oilfield services demand, leading the company to post its second consecutive quarterly profit.
Peloton Interactive Inc advanced 6.7% after announcing it would provide UnitedHealth Group’s fully insured members free access to its live and on-demand fitness classes.
Moderna’s stock dropped 2% in a volatile session on Tuesday, with the COVID-19 vaccine maker the most heavily traded company on Wall Street ahead of its debut in the S&P 500 on Wednesday.
Netflix Inc shares dipped more than 3% in after-hours trading after its forecast missed estimates.
Shares of Chipotle Mexican Grill gained over 2% post-market after its earnings and revenue beat consensus.
Bitcoin tumbled below $30,000 for the first time in about a month as the equities selloff, spurred by concern over the delta variant of COVID-19, sparked a rush to old-school paper bonds and gold.
About 80 companies are expected to post quarterly earnings over the next week, including Netflix and United Airlines after the close of trading Tuesday.
The yield on the benchmark 10-year Treasury on Tuesday edged higher to 1.21%. Traders have been paring bets on any near-term moves on interest rates or support from the Federal Reserve amid increasing concern that delta-variant infections will slow the global economic recovery.
Yesterday’s Market Scorecard
NASDAQ (COMP) 14,498.88
S&P 500 (SPX) 4,323.06
+1.57%
+1.52%
Dow Jones (DJIA) 34,511.99
Russell 2000 (RUT) 2,194.30
+1.62%
+2.99%
The News Desk
Tom Barrack Charged With Illegal Lobbying
Thomas Barrack, a private equity investor who is a close friend of former President Donald Trump, was arrested Tuesday morning in Los Angeles on federal charges of illegally lobbying Trump on behalf of the United Arab Emirates.
Barrack, who was charged with two other men in a seven-count indictment in Brooklyn, New York, federal court, was chairman of Trump’s 2017 inaugural fund.
Barrack, who never registered with the American government as an agent for the UAE, also is charged with obstruction of justice and making multiple false statements during a June 2019 interview with federal law enforcement agents.
I wonder if Biden will pardon him
Vaccine Mandates More Likely Once FDA Grants Full Approvals
The United States could see a wave of Covid-19 vaccine mandates as soon as the Food and Drug Administration grants full approval to one or more of the shots, public health experts predicted.
The three vaccines authorized by the FDA for emergency use against the coronavirus have proven safe and effective under that expedited review process and in the real world, and doctors and the nation’s top public health officials have said there’s no need for anyone to wait to get inoculated.
Still, the suggestion of Covid vaccine mandates, whether by local governments for school children or by businesses for their customers, has so far been met with sharp resistance — primarily from conservative lawmakers and activists.
Be prepared for the government to knock on your door soon…or else
Jeff Bezos, 3 Others Land Safely After Flight To Space With Blue Origin
Jeff Bezos and three other passengers took flight with his space company Blue Origin on Tuesday morning, launching high above West Texas. It’s Blue Origin’s first human flight and a major technical milestone for the company as it focuses on bringing suborbital spaceflight to more people in the future.
Summary: The company’s New Shepard capsule and rocket took flight at 9:11 a.m. ET, lofting the capsule high above the desert and bringing the crew about 62 miles into the air before descending back to Earth under parachutes.
The big picture: It’s been a pretty wild suborbital summer. Bezos’ flight comes after Richard Branson flew to suborbital space with his own company, Virgin Galactic.
Flying to space is becoming a 2021 trend
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Wednesday, July 21st: EIA Petroleum Status Report (10:30 AM ET)
Thursday, July 22nd: Initial Jobless Claims (8:30 AM ET)
Thursday, July 22nd: Existing Home Sales (10:00 AM ET)
Friday, July 23rd: Markit Manufacturing PMI (9:45 AM ET)
Earnings Calendar
Trading Quote of The Day
“I get real, real concerned when I see trading strategies with too many rules (you should too).” – Larry Connors
