Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Financials lead Wall Street higher ahead of earnings

Overnight Markets: Financials lead Wall Street higher ahead of earnings

US stocks gained on Thursday, with the Dow Jones closing at a record for the 24th time in 2017, led by financials ahead of a roster of corporate results from the US’s biggest banks.

The Dow Jones Industrial Average rose 17 points, or 0.08%, to 21,549, the S&P 500 gained four points, or 0.17%, to 2,447 and the Nasdaq Composite added 10 points, or 0.16%, to 6,271.

The financial index was the highest performer among the 11 major S&P sectors, rising 0.48%. Quarterly earnings kick off on Friday with three of the biggest US banks including JP Morgan Chase, Wells Fargo and Citigroup reporting results.

Wells Fargo & Co. rose 0.78%, Citigroup Inc. added 0.15% and Dow component JP Morgan Chase & Co. rose 0.64%.

In company news, shares of Nvidia Corp. fell 1.2% after surging to a record close on Wednesday on the back of an upgrade at SunTrust.

Delta Air Lines Inc. reported second-quarter earnings that missed expectations, although revenue rose. Shares fell 1.8%.

Snap Inc. surged 3% after Stifel Nicolaus upgraded the Snapchat parent to buy, saying that a recent selloff in the stock had created a “compelling” opportunity.

The S&P 500 healthcare index was up 0.23%, showing little reaction to US Senate Majority Leader Mitch McConnell's unveiling of a revised healthcare bill.

US-listed shares of Novartis AG fell 0.8% despite a Food and Drug Administration advisory panel late Wednesday unanimously recommended the agency approve one of its cancer drugs.

Delta Air Lines Inc on Thursday reported a 21% drop in second-quarter profit because of sharply higher operating costs, despite higher passenger unit revenue, sending its shares down about 1.7%.

Target Corp rose 4.2% after an upbeat second-quarter forecast. The news boosted other retailers, with Wal-Mart up 1.4% and Costco edging up 0.9%.

In Asia, shares were mixed on Friday in morning session as markets digested the second day of Federal Reserve Chair Janet Yellen's testimony.

Japan's Nikkei 225 gained 0.19%. South Korea’s Kospi advanced 0.17%, while Down Under, the S&P/ASX 200 rose 0.47%.

Greater China markets traded sideways. Hong Kong's Hang Seng Index edged up 0.01% to hold near two-year highs. Mainland markets recorded declines. The Shanghai Composite slid 0.14% and the Shenzhen Composite slid 0.20%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: a Williams de Broe vet on striking out from Investec

Profile: a Williams de Broe vet on striking out from Investec

Laurence Boyle and his team became ‘somewhat of an oddity’ within Investec after joining via its acquisition of Williams de Broë

Wealth Manager on Twitter