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Stocks climb toward record after blowout earnings: markets wrap

The yield on 10-year Treasuries advanced one basis point to 1.29%
Image: Paul Yeung/Bloomberg

Another raft of blockbuster corporate profits pushed stocks toward a record at the end of a week that started with concern about a peak in earnings and a coronavirus resurgence.

About 87% of the S&P 500 companies reporting results so far this season have beaten Wall Street estimates, according to data compiled by Bloomberg. Twitter Inc. and Snap Inc. led a rally in social-media firms as sales blew past forecasts, while American Express Co. jumped after adding a record number of new customers to its tony Platinum card in the second quarter. Schlumberger, the world’s biggest oilfield services provider, gained on better-than-expected earnings and revenue.

The rapid spread of the delta variant has sown volatility in financial markets this week, but thus far economists are maintaining their forecasts for an historically strong US recovery. While a measure of activity at US service providers settled back in July to a five-month low, a separate manufacturing gauge climbed to a fresh record.

“This week is about earnings versus delta,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co. “Earnings are reflecting an incredible snapback in economic activity. Concerns that stocks are overvalued are less potent here in terms of a threat to the market simply because earnings are rising at fast clip.”

These are some of the main moves in markets:

Stocks

  • The S&P 500 rose 0.4% as of 9:53 a.m. New York time
  • The Nasdaq 100 rose 0.3%
  • The Dow Jones Industrial Average rose 0.4%
  • The Stoxx Europe 600 rose 1%
  • The MSCI World index rose 0.3%
  • The Russell 2000 Index rose 0.1%

Currencies

  • The Bloomberg Dollar Spot Index was little changed
  • The euro was little changed at $1.1763
  • The British pound fell 0.1% to $1.3754
  • The Japanese yen fell 0.3% to 110.43 per dollar

Bonds

  • The yield on 10-year Treasuries advanced one basis point to 1.29%
  • Germany’s 10-year yield advanced one basis point to -0.41%
  • Britain’s 10-year yield advanced two basis points to 0.59%

Commodities

  • West Texas Intermediate crude fell 0.4% to $71.62 a barrel
  • Gold futures fell 0.3% to $1 803.60 an ounce
© 2021 Bloomberg

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