S&P 500 top movers: AIZ and DIS post impressive gains on upbeat earnings figures

S&P 500 looks to extend winning streak to fifth day.
Upbeat quarterly earnings figures boost AIZ and DIS on Wednesday.
Arista Networks Inc (ANET) shares are down more than 10%.

Eren Sengezer FXStreet

Major equity indexes started the day in the positive territory on Wednesday and continued to push higher fueled by stimulus hopes and upbeat macroeconomic data releases from the US. The S&P 500 Index (SPX) touched its highest level since late February at 3,330 before retreating slightly and was last seen gaining 0.55% on a daily basis at 3,324.

Although the ADP's monthly data showed that the private sector added only 167K jobs in July, June's reading got revised up by 2 million to 4.3 million. Additionally, the ISM Services PMI improved to 58.1 to show expansion in the service sector's business activity at a robust pace.

S&P 500 top movers

After the closing bell on Tuesday, Assurant Inc (AIZ) reported quarterly adjusted earnings of $2.75 per share for the quarter ended in March and beat analysts' estimate for a loss of 64 cents per share by a wide margin. As of writing, AIZ was trading at $123.82 and was up 15.6% on the day as the top-gainer

Additionally, Walt Disney Co (DIS) announced that quarterly adjusted earnings were 8 cents per share for the quarter ended in June. According to Reuters, the mean expectation of 25 analysts for the quarter was for a loss of 64 cents per share. At the moment, DIS is trading at its highest level since February 21st at $127.65, gaining 8.9% on a daily basis.

On the other hand,

Arista Networks Inc (ANET) shares are down 10.6% on the day at $235.97. The company reported a 11.1% decline in annual revenue to $540.57 million. Although this reading came in better than analysts' estimate of $529.73 million, it failed to help ANET gain traction.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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