Hello traders everywhere. The DOW The DOW Continues its climb into record territory with a tenth straight day of gains. Overall, the stock market has been boosted in recent weeks by strong corporate earnings, and a strong July employment report on Friday added to the positive market sentiment. This week is filled with retail companies releasing quarterly results, including Michael Kors, Macy's and Nordstrom. Media giants Disney and News Corp. are also reporting this week.
Crude oil is retreating amid speculation that abundant supplies will weigh on the market, capping any rallies. Russia and Kuwait are said to meet producers such as Iraq in Abu Dhabi to discuss compliance with the OPEC production-cut deal.
Hello traders everywhere. Hello Traders everywhere. The DOW is trading at all-time highs today and is within reach of 22,000. On the flip side, the U.S. Dollar Index continues to head lower after posting a fifth straight monthly loss in July. This is partly due to a manufacturing report that showed that last month fell short of expectations and data showed Americans' spending barely grew in June.
The yield on the 10-year Treasury notes slipped to 2.26% while crude oil retreated after topping $50 a barrel.
Hello traders everywhere. Amazon.com Inc (NASDAQ:AMZN) shares fell a little over 2% after it reported a 77% drop in profit as its rapid and costly expansion into new shopping categories and countries shows no sign of slowing. Amazon is the worst performer on the NASDAQ and the second biggest drag on the S&P 500 today, pulling down both indexes today.
In economic news, U.S. economic growth for the second quarter came in-line with expectations, the Commerce Department said Friday. The U.S. economy grew at an annualized rate of 2.%, matching estimates.
Hello traders everywhere. Strong quarterly earnings have propelled the DOW, S&P 500 and NASDAQ to record highs today. Just to give you an idea of how great earnings season has been so far. 34% of the S&P 500 components have reported as of today, and 78% of them have beaten expectations on the bottom line, and 73% have topped on sales, according to data from The Earnings Scout. I'd say that's pretty impressive.
The Federal Reserve will release its FOMC meeting minutes today at 2 pm, and it is widely expected to keep monetary policy unchanged, but investors will look for clues about the central bank's next move.
Facebook Inc (NASDAQ:FB) is set to report earnings after the close today. Wall Street expects Facebook to report second-quarter profits of $1.13 per share, based on the average estimate of 35 analysts who rate its stock. That's up from 97 cents per share a year earlier with revenue rising to $9.2 billion, a jump of 43% year-over-year. According to most estimates.
Hello traders everywhere. The indexes are ending the week on a soft note after reaching records highs earlier in the week. This is primarily due to General Electric Company (NYSE:GE) falling more than 4% to a 19-month low.
Meanwhile, the euro climbed to its strongest level against the dollar since January of 2015 after ECB President Mario Draghi said that the ECB would discuss plans to unwind quantitative easing this fall.