July 26, 2024 16:10 GMT
Equities Roundup: Dow Surge to Week Highs, 3M +19% Surge
US STOCKS
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- Stocks are trading higher, the rebound off Wednesday's lows gathering momentum ahead midday with the Dow making new highs for the week. Currently, the DJIA is up 760.09 points (1.9%) at 40694.9, S&P E-Minis up 70.25 points (1.29%) at 5512, Nasdaq up 208.5 points (1.2%) at 17389.78.
- Industrial and Financial sectors outperformed in the first half, manufacturing and construction names supporting the former: better than expected earnings and up-revised profit forecasts helps 3M surge 19%, GE Vernova +6.96%, Stanley Black & Decker +5.98%. Insurance and financial companies buoyed the Financial sector: Hartford +6.15%, AON +5.48%, Chubb +3.07%.
- On the flipside, Energy and Consumer Staples sectors lagged the broad based rally, weaker crude (WTI -1.55 at 76.73) weighing on oil and gas shares: Phillips 66 -0.71%, Marathon Petroleum -0.55%, Valero -0.10%. Meanwhile, retailers weighed on the Consumer Staples sector: Walmart -0.36%, Dollar General -0.05%, Walgreens Boots Alliance +0.13%.
- Earnings announcement are largely done for the week. Monday kicks off with Arbor Realty, Revvity Inc, McDonalds Corp and ON Semiconductors early on; SBA Communications, Welltower, Chesapeake Energy, Lattice Semiconductor and Sybmotic after Monday's close.
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