The Dow Jones Industrial Average closed at 34,823.35 on Thursday with a gain of 25.35 points or 0.07%. The S&P 500 closed at 4,367.48 for a gain of 8.79 points or 0.20%. The Nasdaq Composite closed at 14,684.60 for a gain of 52.64 points or 0.36%. The VIX Volatility Index was lower at 17.69 for a loss of 0.22 points or -1.23%.
Thursday’s market movers
U.S. stocks continued their gains into a third day after a rough start to the week on Monday. All three of the major indexes ended the day with gains.
Investors are showing less fear of a peak in economic growth, but a rise in coronavirus cases is still making headlines. Also, on Wednesday Senate Republicans stopped a progressing infrastructure bill, keeping negotiations alive but signaling some animosity over infrastructure spending.
Investors were also watching a full day of earnings releases Thursday, which included the following:
- Intel (INTC, Financial): Non-GAAP revenue of $18.5 billion increased 2% year over year and beat estimates by $700 million. Second-quarter non-GAAP earnings of $1.28 per share beat estimates by 21 cents.
- Snap (SNAP, Financial): Revenue of $982 million increased 116.2% year over year and beat estimates by $135.43 million. A second-quarter GAAP loss of 10 cents per share beat estimates by 8 cents and non-GAAP earnings of 10 cents beat estimates by 11 cents.
- AT&T (T, Financial): Revenue of $44 billion increased 7.4% year over year and beat estimates by $1.27 billion. Second-quarter GAAP earnings of 21 cents missed estimates by 43 cents and non-GAAP earnings of 89 cents beat estimates by 9 cents.
- Twitter (TWTR, Financial): Revenue of $1.19 billion increased 74.1% year over year and beat estimates by $130 million. Second-quarter GAAP earnings of 8 cents beat estimates by 22 cents and non-GAAP earnings of 20 cents beat estimates by 13 cents.
- Biogen (BIIB, Financial): Revenue of $2.78 billion decreased by 24.5% year over year and beat estimates by $170 million. Second-quarter GAAP earnings of $2.99 missed estimates by $1.27 and non-GAAP earnings of $5.68 beat estimates by $1.08. The stock gained 1.05%.
- Southwest Airlines (LUV, Financial): Revenue of $4.01 billion increased 297.0% year over year and beat estimates by $70 million. Second-quarter GAAP earnings of 57 cents beat estimates by 18 cents and a non-GAAP loss of 35 cents missed estimates by 12 cents. The stock was down 3.48% for the day.
In other news:
- 419,000 Americans filed for jobless claims, up from 368,000 and above the estimate of 340,000. Continuing jobless claims were 3.236 million, down from 3.265 million.
- The Chicago Fed National Activity Index decreased to 0.09 in June from 26.
- Existing home sales increased 1.4% in June following a decrease of 1.2%. On a seasonally adjusted annual basis, existing home sales increased to 5.86 million from 5.78 million.
- The Conference Board’s Leading Economic Indicators Index increased 0.7% in June following an increase of 1.2%.
- The Kansas Fed Manufacturing Index increased to 41 in July from 30.
- The Treasury held auctions for four-week bills at a rate of 0.045%, eight-week bills at a rate of 0.045% and 10-year TIPS at a rate of -1.016%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.78%, down from 2.88%. The 15-year fixed-rate mortgage averaged 2.12%, down from 2.22%.
- Tesla (TSLA, Financial) says it will open its Supercharger network to all electric vehicles.
- Peloton (PTON, Financial) has announced a deal with UnitedHealth.
Across the board:
- Visa (V, Financial) gained 0.19% on news it is buying crypto-bank connector Currencycloud.
- Johnson & Johnson (JNJ, Financial) up 0.31% after announcing its earnings yesterday with revenue and earnings beats.
- Technology Select Sector SPDR Fund (XLK, Financial) rose 0.74%.
- Global X Cannabis ETF (POTX, Financial) fell 2.92%.
- Energy Select Sector SPDR Fund (XLE, Financial) declined 1.12%.
- The 10-year Treasury ended with a yield of 1.282%.
- Neurometrix (NURO, Financial) climbed 18.89%.
- Sequential Brands Group (SQBG, Financial) gained 12.91%.
- Domino's Pizza (DPZ, Financial) rose 14.55%.
- Bumble (BMBL, Financial) increased 7.14%.
- Moneygram (MGI, Financial) was up 4.79%.
In small caps, the Russell 2000 closed at 2,199.48 for a loss of 34.57 points or -1.55%. The S&P 600 closed at 1,309.16 for a loss of 23.82 points or -1.79%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,821.28 for a loss of 157.48 points or -1.05%. The Dow Jones U.S. Small-Cap Value Index closed at 10,766.26 for a loss of 185.16 points or -1.69%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,649.63 for a loss of 24.67 points or -0.92%; the S&P 100 at 2,011.15 for a gain of 7.61 points or 0.38%; the Nasdaq 100 at 14,940.16 for a gain of 97.53 points or 0.66%; the Russell 3000 at 2,595.32 for a gain of 1.49 points or 0.057%; the Russell 1000 at 2,454.54 for a gain of 4.14 points or 0.17%; the Wilshire 5000 at 45,481.54 for a gain of 27.77 points or 0.061%; and the Dow Jones U.S. Select Dividend Index at 816.59 for a loss of 5.35 points or -0.65%.