Wednesday, 22 Jul 2020 07:21 AM MYT
Financial, industrial and energy stocks gave the biggest boosts to the bellwether S&P 500 and blue-chip Dow as investors pivoted back to cyclicals. The march upward lost steam late in the session, and a drop in tech shares pulled the Nasdaq lower. “A pick-up in demand is being seen throughout the economy as things have opened up,” Tuz added. “We're at the cusp of continuing with the recovery or stagnation.”
Second-quarter reporting season rolled on, with 58 constituents of the S&P 500 having reported. Of those, 77.6 per cent have come in above consensus, according to Refinitiv data. Defense industrial Lockheed Martin Corp topped quarterly consensus estimates and raised its full-year profit and revenue estimates, sending its shares up 2.6 per cent.
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