US open: Stocks look set to end week on slightly positive note

by | Jul 21, 2023

(Sharecast News) – Wall Street shares were trading slightly on the front foot following the selling seen on Thursday centred on shares of Netflix and Tesla.

Nonetheless, at least one distinguished ‘bear’, BofA Securities’ strategist Michael Hartnett, appeared to retain his downside bias.

In a research note sent to clients, Hartnett noted record selling of U.S. Treasury bills by the lender’s private clients.

That, he said, was ‘contrarian bearish’, much like the risk-off record weekly inflow into T-bills that had been recorded last March.

As of 1565 BST, the Dow Jones Industrials was climbing 0.26% to 35,317.87, alongside a 0.30% advance for the S&P 500 to 4,549.10.

The Nasdaq Composite meanwhile was edging up 0.14% to 14,081.92.

Front-dated West Texas Intermediate crude oil futures were up 1.07% to $76.72 a barrel on the NYMEX.

No major economic reports were scheduled for release on Friday.

However, over the following week the Bank of Japan, European Central Bank and Federal Reserve were all set to make keenly anticipated – and possibly key – policy announcements.

So too authorities in China where the country’s Politburo was due to meet between 28-30 July.

As regards the Fed, Stephen Innes, Managing Partner at SPI Asset Management, said: “Traders have the FOMC game face on already.

“Sure, the Fed is widely expected to hike rates by 25 bp. However, economic data during the intermeeting period has had mixed implications for Fed policy.”

American Express shares were down 2% after the credit card giant missed analysts’ estimates for second quarter revenues.

First Financial and Signature Bank shares on the other hand were little changed following their own results, yet both were in the green.

Dow Jones – Risers

Intel Corp. (INTC) $33.91 1.62%
Merck & Co. Inc. (MRK) $110.19 1.60%
Nike Inc. (NKE) $109.14 1.50%
Procter & Gamble Co. (PG) $152.80 1.49%
Johnson & Johnson (JNJ) $170.46 1.24%
Chevron Corp. (CVX) $158.16 1.13%
Amgen Inc. (AMGN) $235.61 1.02%
Unitedhealth Group Inc. (UNH) $508.74 0.89%
Cisco Systems Inc. (CSCO) $52.78 0.79%
Walt Disney Co. (DIS) $86.86 0.75%

Dow Jones – Fallers

American Express Co. (AXP) $170.82 -3.55%
Caterpillar Inc. (CAT) $258.75 -0.89%
Travelers Company Inc. (TRV) $172.69 -0.54%
JP Morgan Chase & Co. (JPM) $155.64 -0.33%
Walgreens Boots Alliance, Inc. (WBA) $30.15 -0.30%
Boeing Co. (BA) $213.09 -0.24%
Dow Chemical Co. (DOW) $52.96 -0.17%
Verizon Communications Inc. (VZ) $33.60 -0.10%
McDonald’s Corp. (MCD) $296.86 -0.09%
3M Co. (MMM) $104.23 -0.06%

S&P 500 – Risers

Zoetis Inc (ZTS) $184.35 7.43%
Dish Network Corp. (DISH) $7.58 4.55%
Sl Green Realty Corp. (SLG) $35.13 4.54%
Danaher Corp. (DHR) $254.55 4.16%
Thermo Fisher Scientific Inc. (TMO) $556.59 3.40%
AES Corp. (AES) $22.51 3.14%
United Airlines Holdings Inc (UAL) $58.19 2.87%
Waters Corp. (WAT) $287.64 2.81%
NextEra Energy Inc. (NEE) $76.17 2.79%
Revvity, Inc. (RVTY) $130.15 2.70%

S&P 500 – Fallers

Interpublic Group of Companies Inc. (IPG) $33.44 -11.81%
Omnicom Group Inc. (OMC) $84.03 -4.70%
Zions Bancorporation (ZION) $36.29 -4.25%
CSX Corp. (CSX) $32.44 -3.75%
American Express Co. (AXP) $170.82 -3.55%
Regions Financial Corp. (RF) $19.70 -3.17%
Albemarle Corp. (ALB) $216.51 -2.96%
Comerica Inc. (CMA) $51.40 -2.89%
Schlumberger Ltd. (SLB) $55.63 -2.85%
Intuitive Surgical Inc. (ISRG) $338.52 -2.63%

Nasdaq 100 – Risers

Qurate Retail Inc. (QRTEA) $1.07 5.94%
Dish Network Corp. (DISH) $7.58 4.55%
Asml Holdings N.V. (ASML) $695.64 2.89%
QUALCOMM Inc. (QCOM) $123.93 2.66%
Texas Instruments Inc (TXN) $184.52 2.56%
Align Technology Inc. (ALGN) $338.80 2.36%
Mercadolibre Inc. (MELI) $1,226.50 2.35%
J.B. Hunt Transport Services Inc. (JBHT) $196.13 2.13%
Illumina Inc. (ILMN) $187.93 2.04%
Idexx Laboratories Inc. (IDXX) $553.18 1.90%

Nasdaq 100 – Fallers

Sirius XM Holdings Inc (SIRI) $7.05 -9.80%
CSX Corp. (CSX) $32.44 -3.75%
Intuitive Surgical Inc. (ISRG) $338.52 -2.63%
Netflix Inc. (NFLX) $427.77 -2.21%
Meta Platforms Inc. (META) $296.21 -2.09%
Nvidia Corp. (NVDA) $447.35 -1.73%
Baidu Inc. (BIDU) $141.93 -0.77%
Vodafone Group Plc ADS (VOD) $9.47 -0.68%
Tesla Inc (TSLA) $261.48 -0.54%
Take-Two Interactive Software Inc. (TTWO) $150.85 -0.52%

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