Stocks rally ahead of Facebook earnings
Stocks rose Wednesday, with Facebook hitting an all-time high, as trade worries took a backseat to a batch of stronger-than-expected earnings. Stocks jumped in the final hour of trading following reports of a trade deal between the US and the European Union. The dollar and Treasury yields fell.
Here's the scoreboard:
Dow Jones industrial average: 25,414.98 +173.04 (+0.69%)
S&P 500: 2,840.32 +19.92 (+0.71%)
- European Commission President Jean-Claude Juncker reportedly agreed to certain trade concessions in an Oval Office meeting with President Donald Trump. The president has previously appeared intent on ramping up protectionist measures on the EU. While Juncker was en route to Washington on Tuesday, Trump tweeted that tariffs "are the greatest."
- The European Union earlier announced it was preparing retaliatory tariffs on $20 billion worth of US products. EU officials had warned the duties would be enacted if President Donald Trump follows through with the 25% tariff on car imports to the US he has threatened.
- New homes sales in the US dropped to an eight-month low in June. Sales of new single-family units fell 5.3% last month, the Commerce Department said, a drop more than double the size that economists had forecast.
- US crude inventories fell to the lowest point since February 2015. The 6.15 million barrel drawdown, reported by the Energy Information Administration, was larger than expected. Prices of West Texas Intermediate, the US benchmark, jumped more than $1 to $69.25 a barrel following the EIA report.
- Earnings season rolls on. Coca-Cola and UPS posted stronger-than-expected numbers for the second quarter. Boeing fell short of analyst expectations and disappointed on guidance. General Motors topped Wall Street estimates but cut its profit forecast amid tariff concerns.
And a look at the upcoming economic calendar:
- Facebook posts earnings after the bell; Amazon and Twitter report later this week.
- The European Central Bank holds a policy meeting.
- Factory order numbers are out in the US.
NOW WATCH: A diehard Mac user switches to PC
- RBI expected to hold rates for the 5th time in a row, no cuts likely before Q2FY25
- IBM, Meta launch AI Alliance to build open, responsible AI
- Have no fear in saying 'I'm on medication': Karan Johar on his battle with anxiety
- Bajaj Chetak Urbane vs Ola S1 Air – price, range and features compared
- Global crypto market hits $1.5 trillion as panic buying fuels Bitcoin price