© Reuters.
Investing.com – Wall Street rose en masse during these trading moments on Tuesday, as traders digested corporate earnings better than expected.
It added 310 points, up 0.9%, supported by a nearly 5% jump in Verizon Communications (NYSE:)). It fell 0.2%, while the S&P 500 rose 0.3%.
The Dow Jones is heading for its seventh straight day of gains.
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earnings season
Better than expected announcement for the second quarter, thanks to higher interest rates. The bank’s shares increased 4.3%. It also exceeded expectations, which helped lift shares by 2.1%.
Morgan Stanley (NYSE:) stock added nearly 6% after outperforming both on record revenue in the wealth management sector. PNC Financial Services Group (NYSE:) rose 2.6% on the back of .
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The season comes as recent inflation data reinforces the case for a soft landing scenario among many investors, and stocks continue to rally this year.
Shares of Charles Schwab (NYSE:) jumped 13.2%, leading the gains in the S&P 500 (.SPX).
Gross earnings across industries are expected to decline 8.1% during the quarter, according to Refinitiv data.
The S&P 500 Banking Index (.SPXBK) is down 3.9% so far this year, in the wake of a banking crisis that brought down three lenders and hit the sector, underperforming the S&P 500 (.SPX) which posted a 17.8% gain in the same period.
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In early trading on Tuesday, the Banks Index rose 1.1%.
Lockheed Martin (NYSE: .N) added 1.1% after the weapons maker raised its annual profit and sales forecasts due to strong demand for military hardware, driven by persistent geopolitical uncertainties.
Eight of the 11 largest S&P 500 sectors advanced, while technology stocks (.SPLRCT) fell 0.6%.
Wall Street rose last week after data on consumer and producer prices provided evidence that the economy had entered a phase of declining inflation, raising hopes that the US Federal Reserve would soon end its tightening of monetary policy.
Pinterest (PINS.N) rose 4.0% as Evercore ISI upgraded its rating on the stock to “outperform.”
Lucid Motors (NASDAQ:) rose 1.1% to $7.11. While Tesla shares (NASDAQ:) fell 0.45% to $289.14. Alibaba Group Holding Ltd. ADR (NYSE:) shares fell 2% to $91.5.
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Important data
It recorded 0.2% less than the expectations of experts, who expected a rise of 0.3%, while the previous reading was 0.3%.
As for it, it recorded a decrease from the previous month and increased by 1.49%, and the last recorded rate was 1.96%, and expectations indicated an increase of 1.6%.
At the same time, it recorded an increase of 0.2%, contrary to experts’ expectations for an increase of 0.5%, as it recorded a previous reading of 0.5%.
markets now
It rose 1.5% to 1986 dollars.
It rose 1.4% at $1,982 an ounce.
While it settles at 99,540 points.
It rose by 1.4% to $79.60 a barrel.
Texas crude rose 1.7% to $75.34 a barrel.
2023-07-18 15:22:00
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