7/23/20 Market Notes
US equity markets finished higher Wednesday after seesawing for most of the session as markets digested a mixed bag of earnings and economic data. Existing home sales rebounded at a record pace but were just shy of analysts expectations. Optimism ultimately gained the upper hand, despite some mixed earnings reports after Pfizer and its German partner, BioNTech SE, announced a contingent $1.95 billion US Government order for 100 million vaccine doses. Stimulus expectations also helped boost sentiment. The S&P 500 Index rose 19 points (0.6%) to 3,276, the Dow Jones Gained 165 points (0.6%) to 27,006, and Nasdaq added 26 points (0.8%) to 10,706. Treasuries were mixed, while the dollar continued its decline. Crude oil prices were little changed despite an unexpected rise in inventories, and gold continued its rally, increasing by $26.67 to 1,868.58 per Troy ounce.
Asian stocks finished slightly higher despite rising geopolitical tensions and growing virus case counts. European stocks and US futures are gaining this morning on upbeat earnings announcements including beats by Unilever and Tesla, and record user growth by Twitter. Today’s economic data includes Initial Unemployment Claims and the Kansas City Fed Manufacturing report, along with earnings from Mattel and Intel.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.