Following the frenzy triggered by the surge in cases caused by the Delta variant of coronavirus, stock markets have stabilised and turned positive for the week, depicting the confidence of market participants in the US’s ability to combat rising cases effectively and stage a sustainable economic recovery.
The S&P 500 and the Nasdaq composite jumped 0.82% and 0.92% in yesterday’s session, respectively. The Dow Jones Industrial Average rose 0.83%. Companies within the energy sector outperformed in yesterday’s session, rising 3.5% following the rebound in oil prices.
Investors should be relieved that the bulls continue to dominate the three major stock markets despite the fact that trading activity is usually lower at this time of the year. Since October, we have not yet even witnessed a mere 5% dip in stock market performances.
The stock price of Coca Cola has risen by nearly 1.3% subsequent to its earnings release on Wednesday. The company’s earnings touched pre pandemic levels following the curbing of national lockdowns and demand for products rising again. It achieved a revenue of $10.13 billion, exceeding the expected $9.32 billion. Likewise, its actual earnings per share came out to be 68 cents as opposed to the forecasted 56 cents.
The stock price of Verizon jumped nearly 0.7% following its earnings release. It achieved a revenue of $33.76 billion, exceeding the expected $32.74 billion. Likewise, its actual earnings per share came out to be $1.37 as opposed to the forecasted $1.30.
Asian stock markets
Stock market indices in Asian Pacific countries are on the rise today following a strong rebound in crypto and US stock markets. The Nikkei 225 index in Japan jumped 0.58% in morning trade, and the Shanghai Composite Index rose 0.33%. As of 12:27 a.m. EST, the ASX 200 index surged 0.98%, and Seoul's Kospi rose 1.15%. Hong Kong's Hang Seng index hopped 1.77%.
THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER