Stocks triumph over earnings optimism

(MENAFN- Stocks Triumph Over Earnings Optimism


The Dow Jones Industrial Average rebounded on Tuesday as Wall Street bet on better-than-expected earnings following a strong report from Johnson & Johnson.
The Dow Jones Industrials soared 377.24 points, or 1.2%, to 31,449.85.
The S&P 500 jumped 49.24 points, or 1.3%, to 3,880.09.
The NASDAQ Composite jumped 127.81 points, or 1.1%, to 11,487.86.
Investors continued to assess second-quarter reports from major companies this week for clues about how companies will handle economic pressures – including higher inflation and a stronger dollar – as recession fears persist.
Johnson & Johnson shares rose after the company reported better-than-expected quarterly earnings and revenue, although the pharmaceutical giant also cut its full-year revenue and profit forecast.
Hasbro’s revenue for the prior quarter was slightly below expectations, while the toymaker’s earnings per share beat Refinitiv’s forecast.
IBM shares fell more than 5% after the technology company lowered its cash flow forecast, while reporting earnings that beat Wall Street earnings and revenue estimates.
Shares of Halliburton edged higher on the back of sharply higher oil prices this year, which boosted the company’s earnings in its latest quarter.
Netflix is ​​expected to report after the close on Tuesday. Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those due to report.
So far, about 9% of S&P 500 companies have reported results for the second calendar quarter. Among these companies, about two-thirds exceeded analysts’ expectations
Treasury prices fell, taking yields to 3% from Monday’s 2.997%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.15 to US$101.45 a barrel.
The price of gold jumped 40 cents to US$1,710.60 an ounce.
Stocks triumph over earnings optimism


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