The Dow Jones Industrial Average closed at 26,671.95 on Friday with a loss of 62.76 points or -0.23%. The S&P 500 closed at 3,224.73 for a gain of 9.16 points or 0.28%. The Nasdaq Composite closed at 10,503.19 for a gain of 29.36 points or 0.28%. The VIX Volatility Index was lower at 25.68 for a loss of 2.32 points or -8.29%.
For the week, the Dow Jones was up 2.3%, the S&P 500 was up 1.2% and the Nasdaq was down -1.1%. For the year, the Nasdaq has a gain of 16%, the S&P 500 is hovering around 0% and the Dow Jones is down approximately -6%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Friday’s Market Movers” data-reactid=”20″>Friday’s Market Movers
U.S. indexes closed flat Friday. The Dow Jones and S&P 500 ended with solid gains for the week. The second quarter earnings calendar was light on Friday. Investors were actively trading Netflix, which reported its earnings on Thursday with an earnings per share miss. The media streaming company reported 10.1 million new subscribers but also suggested that the surge was due to the pandemic and will likely taper off.
Blackrock reported results before the opening bell. Revenue of $3.65 billion increased 3.7% year over year and beat estimates by $100 million. Reports suggested the strong revenue was from increased risk-off investing in Blackrock’s bond funds. Q2 GAAP EPS of $7.85 beat estimates by $1.05 and non-GAAP EPS of $7.85 beat estimates by $0.90.
On the economic calendar:
- The New Residential Construction Report was released. Building permits increased 2.1% in June to a seasonally adjusted annual rate of 1.241 million. Housing starts increased 17.3% to a seasonally adjusted annual rate of 1.186 million.
- The Michigan Consumer Sentiment Index decreased to 73.2 in July from 78.1.
- The Baker Hughes North American oil rig count increased to 285 from 284.
Across sectors, utilities and biotech led gains. Energy and financials led losses. In the S&P 100, the following stocks led gains and losses:
- BlackRock (NYSE:BLK) 3.66%
- Exelon (NASDAQ:EXC) 3.51%
- Medtronic (NYSE:MDT) 2.96%
- Abbott Laboratories (NYSE:ABT) 2.96%
- NextEra Energy (NYSE:NEE) 2.61%
- Union Pacific (NYSE:UNP) 2.48%
- PayPal Holdings (NASDAQ:PYPL) 2.33%
- Netflix (NASDAQ:NFLX) -6.65%
- U.S. Bancorp (NYSE:USB) -4.07%
- Occidental Petroleum (NYSE:OXY) -4.0%
- Bank of America (NYSE:BAC) -3.01%
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Small-Cap Stocks” data-reactid=”43″>Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,473.32 for a gain of 5.76 points or 0.39%. The S&P 600 closed at 847.18 for a loss of 0.13 points or -0.015%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,314.43 for a gain of 100.46 points or 0.98%. The Dow Jones U.S. Small-Cap Value Index closed at 6,934.72 for a loss of 50.76 points or -0.73%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other Notable Indexes” data-reactid=”45″>Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,836.55 for a gain of 7.97 points or 0.44%; the S&P 100 at 1,484.71 for a gain of 0.36 points or 0.024%; the Nasdaq 100 at 10,645.22 for a gain of 18.76 points or 0.18%; the Russell 3000 at 1,882.58 for a gain of 6.41 points or 0.34%; the Russell 1000 at 1,789.00 for a gain of 6.04 points or 0.34%; the Wilshire 5000 at 32,882.48 for a gain of 100.13 points or 0.31%; and the Dow Jones U.S. Select Dividend Index at 594.06 for a loss of 0.90 points or -0.15%.
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This article first appeared on GuruFocus.
” data-reactid=”48″>This article first appeared on GuruFocus.
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