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%

Related articles

US open: Stocks rise ahead of FOMC decision

US open: Stocks rise ahead of FOMC decision

(Sharecast News) - US stocks edged higher on Wednesday as investors showed optimism ahead of a keenly anticipated Federal Reserve meeting, after which policymakers are widely expected to keep interest rates unchanged. After the opening 30 minutes of trade, the Dow was...

US open: Stocks dip as Fed meeting gets under way

US open: Stocks dip as Fed meeting gets under way

(Sharecast News) - Nervous traders were pushing stocks slightly lower as the Federal Reserve's two-day policy meeting got under way. As at 1513 BST, the Dow Jones Industrials was 0.49% or 166.65 points lower at 34,457.46, while the S&P 500 was down by 0.5% or 22.16...

US open: Stocks mixed as oil prices and bond yields rise

US open: Stocks mixed as oil prices and bond yields rise

(Sharecast News) - Rising bond yields and oil prices were limiting investor risk appetite on Monday morning, as markets treaded water ahead of a crucial Federal Reserve policy meeting later in the week. Within the first 20 minutes of trade on Wall Street, the Dow...

Latest Articles

Time for Japan to act (II): State Street Global Markets

Time for Japan to act (II): State Street Global Markets

Written by Michael Metcalfe, Head of Macro Strategy, State Street Global Markets  Writing ahead of the September BoJ gathering in 2022, we argued in Time for Japan to act (first edition!) that the authorities should begin monetary tightening both through moving the...

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

Europe open: Shares slide on hawkish Fed as eyes turn to BoE

(Sharecast News) - European stocks opened in the red on Thursday after hawkish comments from the US Federal Reserve on future rate rises dampened sentiment and investors turned their attention to the Bank of England's own policy meeting. The pan-European Stoxx 600...

Capita signs two new contracts worth £565m

Capita signs two new contracts worth £565m

(Sharecast News) - Outsourcing group Capita said it has signed two new contracts with the UK and Northern Ireland governments worth a combined £565m. Four months after Capita was selected as the preferred bidder, the group has now confirmed it has sealed the deal to...

Rise in UK borrowing limits Hunt’s scope for tax cuts

Rise in UK borrowing limits Hunt’s scope for tax cuts

(Sharecast News) - Britain's budget deficit in August was slightly higher than expected, according to official data published on Thursday, meaning Finance Minister Jeremy Hunt will have less scope for tax cuts ahead of the General Election. Public sector net borrowing...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x