Yahoo Finance Stock Market News for Jul 24, 2023
Wall Street closed mixed on Friday following mixed earnings results of second-quarter 2023. Market participants’ are waiting for Fed meeting. The Dow and the S&P 500 both ended in positive territory, while the Nasdaq Composite finished in negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.01% to close at35,227.69, marking its highest closing since August 2017. Notably, 20components of the 30-stock index ended in positive territory, while ten in negative zone.The blue-chip index posted tenth consecutive winning days for the first time since August 2017.
The tech-heavy Nasdaq Composite finished at14, 032.81, tumbling 0.2% due to weak performance of large-cap technology stocks.The S&P 500 rose0.03% to end at4, 536.34. Seven out of 11 broad sectors of the benchmark ended in positive zone while four finished in negative territory.
The Utilities Select Sector SPDR (XLU),the Health Care Select Sector SPDR (XLV) and the Energy Select Sector SPDR (XLE) advanced 1.5%, 1% and 0.9%, respectively. On the other hand, the Communication Services Select Sector SPDR (XLC) Technology Select Sector SPDR (XLK), and the Industrials Select Sector SPDR (XLI) plummeted 1%, 0.1% and 0.5%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 2.8% to 13.60. A total of 10.4 billion shares were traded on Friday, lower than the last 20-session average of10.6billion. Advancing outnumbered decliners on this 500 by a 1.5-to-one ratio.
Investors Await Fed Meeting
With the crucial Federal Reserve meeting just around the corner, market participants’ sentiment is that the central bank will implement a 25 basis points increase in its benchmark interest rate. In response to this uncertainty, U.S. Treasury yields experienced a slight dip on Friday, as investors carefully considered the potential outlook for monetary policy.
Mixed Q2 Earnings Results
Capital One Financial Corp.’s COF second-quarter 2023 earnings came in at $3.52 per share, which beat the Zacks Consensus Estimate of $3.31.Revenues of $9.01 billion increased year-over-year, but lagged the consensus mark of $9.17 billion. Capital One Financial Corporation currently carries a Zacks Rank #3 (Buy). You can see You Can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Autoliv, Inc. ALV second-quarter 2023 earnings came in$1.93 per share, which beat the Zacks Consensus Estimate of $1.45 per share and increased 0.9% year over year. Revenues of $2.64 billion increased 4.9%, compared to year over year revenues of $2.08 billion and outpaced the Zacks Consensus Estimate by 4.9%.
Lakeland Financial Corporation LKFN reported second-quarter 2023 earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.91 per share. Total revenues came in at $60.03 million surpassing the Zacks Consensus estimate of $59.17 million.
Weekly Roundoff
During the past week, both the S&P 500 and the Dow experienced gains, adding 0.7% and 2.1%, respectively. This marks the second consecutive positive week for these two indexes. However, the Nasdaq, on the other hand, declined by 0.6% over the same period.
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Capital One Financial Corporation (COF) : Free Stock Analysis Report
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