PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » Dow Jumps 400 Points As Stocks Rebound Thanks To Solid Earnings, Upbeat Economic Data

Dow Jumps 400 Points As Stocks Rebound Thanks To Solid Earnings, Upbeat Economic Data

by PublicWire
August 3, 2022
in Energy
Reading Time: 4 mins read
0

Topline

The stock market rallied on Wednesday, reversing losses from earlier this week thanks to stronger-than-expected economic data which helped offset lingering recession fears, even as Federal Reserve officials continue to promise more rate hikes to bring down inflation.

Key Facts

Stocks rebounded after back-to-back losing sessions earlier this week: The Dow Jones Industrial Average was up 1.3%, over 400 points, while the S&P 500 rose 1.6% and the tech-heavy Nasdaq Composite 2.6%.

Markets got a boost after a surprise rebound in the U.S. services sector in July, with the ISM non-manufacturing purchasing managers index rising to a reading of 56.7—above 55.3 last month and 54 expected by economists.

Investors also cheered comments from St. Louis Federal Reserve President James Bullard, who told CNBC on Wednesday that the U.S. economy is “not in a recession right now” and the Fed will keep hiking rates to bring down inflation.

Shares of vaccine maker Moderna surged 16% after reporting strong quarterly profits and announcing $3 billion in share buybacks, while shares of coffee chain Starbucks jumped nearly 5% after similarly beating expectations.

Shares of popular stock trading app Robinhood, meanwhile, jumped 13%—despite the company slashing 23% of its workforce—thanks to optimism from Wall Street analysts who cheered the cost-saving measures.

Tech stocks led the market higher on Wednesday, with the likes of Big Tech giants Apple, Amazon and Alphabet all rising by 2% or more, while consumer stocks also broadly rallied.

Crucial Quote:

It is “extremely impressive” that stocks are rising despite Treasury yields continuing to surge for a second day in a row, notes Vital Knowledge founder Adam Crisafulli. More hawkish commentary from Fed officials, combined with the strong services data, is driving “broad” gains across S&P 500 sectors, all of which finished higher with the exception of energy.

Tangent:

Shares of Hong Kong-based fintech firm AMTD Digital plunged 50% on Wednesday, a day after surging 126%. The under-the-radar company has little revenue but an astronomical valuation of more than $200 billion, prompting some experts to call it the new “perfect meme stock.”

Key Background:

Investors shook off recent concerns about rising U.S.-China tensions, which weighed on markets in the previous session. House Speaker Nancy Pelosi (D-Calif.) visited the democratically governed island of Taiwan on Tuesday, a move condemned by China, which claims the territory as part of its country.

Further Reading:

Here’s Why More Fed Officials Are Warning That The Market Is Getting Ahead Of Itself (Forbes)

Dow Falls 400 Points Amid U.S.-China Tensions After Pelosi’s Visit To Taiwan (Forbes)

AMTD Digital May Be The New ‘Perfect Meme Stock,’ Loses $70 Billion In Value In One Day After Rising Over 125% (Forbes)

Stocks Fall After Market’s Best Month Since 2020, Oil Prices Plunge 5% (Forbes)


This post was originally published on this site

Tags: Banking & InsuranceBreakingbreaking-newsbusinessConsumer TechEnergyETFs & Mutual FundsFood & DrinkHedge Funds & Private EquityInnovationinvestingMarketsMoneyNewspersonal financePolicyRetailRetirementWealth Management
Previous Post

SoftBank raises $22bn in moves to sell down Alibaba stake

Next Post

Methane Emissions Reduction At The Oil Patch: How To Get There

PublicWire

At PublicWire, we know the vast majority of all investors conduct their due diligence and get their news online in a variety of ways including email, social media, financial websites, text messages, RSS feeds and audio/video podcasts. PublicWire’s financial communications program is uniquely positioned to reach these investors throughout the U.S. and Canada as well as on a global scale.

Related Posts

Energy

Finally Some Good News On Energy: Steve Forbes Praises Major Liz Truss Reform

September 15, 2022
0
Energy

How The Inflation Reduction Act Could Cause A Lithium Crunch

September 15, 2022
0
Energy

Texas Is Primed To Be Our Nation’s Direct Air Capture Hub

September 15, 2022
0
Energy

How Sanctions And Policies Ensure The Energy Crisis Will Only Worsen From Here

September 13, 2022
0
Energy

Research Shows That Renewable Jobs Can Replace Those From Coal

September 13, 2022
0
Energy

Dow Jumps 200 Points As Investors Brace For August Inflation Report And More Fed Rate Hikes

September 13, 2022
0
Next Post

Methane Emissions Reduction At The Oil Patch: How To Get There

Please login to join discussion

Subscribe To Our Newsletter

Loading
Ad
PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2022 publicwire.com

Navigate Site

  • About
  • Contact Us
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • Videos

© Copyright 2022 publicwire.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.