Amazon, Intel, and Microsoft rallied ahead of earnings
A solid day of earnings sent U.S. stocks higher today, with the Dow managing its second day of gains. Among the big earnings winners were Facebook (FB), Advanced Micro Devices (AMD), and Visa (V), the latter of which paced the blue-chip rally. Tech stocks also enjoyed a rebound, with Intel (INTC), Amazon (AMZN), and Microsoft (MSFT) slated to report earnings this evening. Meanwhile, the 10-year Treasury yield proceeded to pull back from the 3% level, softening concerns about bonds.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,322.34) managed to gain 238.5 points, or 1%, for the day. Visa was the biggest of the 25 blue-chip winners, surging 4.8% after earnings, while Walt Disney (DIS) was the biggest loser, falling 1.3%.
The S&P 500 Index (SPX - 2,666.94) gained 27.5 points, or 1%, while the tech-heavy Nasdaq Composite (IXIC - 7,118.68) picked up 114.9 points, or 1.6%.
The Cboe Volatility Index (VIX - 16.24) lost 1.6 point, or 9%, on the day.
5 Items on Our Radar Today
- Actor Bill Cosby was found guilty of three counts of aggravated indecent assault today, after last year's trial ended in a mistrial following a hung jury. The verdict was reached after six accusers testified, and the jury deliberated for 14 hours. The 80-year-old could face up to 30 years in prison. (MarketWatch)
- North Korea's leader Kim Jong Un will make history tomorrow by walking into South Korea for his meeting with the country's current president, Moon Jae-in. A North Korean leader has not crossed the border for roughly 70 years -- when the peninsula was divided. The leaders are expected to discuss denuclearization. (Bloomberg)
- This chip stock marked a fresh low after earnings.
- Citrix stock hit a record high, despite a post-earnings downgrade.
- Analysts were upbeat after a Las Vegas Sands earnings beat.
Data courtesy of Trade-Alert
Gold Falls for Second Session on Higher Dollar
Oil finished the session higher, amid speculation of renewed U.S. sanctions with Iran, and as Venezuelan output decreased. June-dated crude finished the session up 14 cents, or 0.2%, at $68.19 per barrel.
Gold fell for a second day in a row, after the dollar made significant headway. June-dated futures finished down $4.90, or 0.4%, to settle at $1,317.90 per ounce.