U.S. stocks opened higher this week, as retail companies posted record earnings results. In early trading on Monday, the Dow Jones Industrial Average gained 182 points, or 0.52% while the S&P added 27 points, or 0.62%. The tech heavy Nasdaq Composite Index jumped 130 points, or 0.89%. (Story continues below.)
There are increasingly healthy reads on consumers. For example, on Friday Walmart’s earnings beat expectations, and company executives revealed that the Delta variant did not change consumer behavior.
This week, investors will be most focused on the Federal Reserve Jackson Hole symposium. Fed Chairman Jerome Powell is expected to deliver a speech there on Friday, potentially announcing a new shift in monetary policy.
Most mainstream investors think that a tighter monetary policy is way overdue. Inflation is not slowing down, and investors are questioning when the Fed with step in and do something about it.
Also important this week, investors will be watching the Chicago Fed National Activity Index data, as well as existing home sales numbers.
U.S. stock futures opened higher in premarket trading, as traders were buying the dip after last week’s drop.
U.S. Dollar and Treasuries
U.S. Treasury yields were up as investors headed back in the stock market. The yield on the 10-year Treasury rose one basis point. The dollar dropped against a basket of major currencies.
|U.S. Dollar Index (DXY):||93.12||-0.37||(-0.40%)|
|U.S. 1 Year Treasury Bill||0.066%||-0.003||0.069%|
|U.S. 2 Year Treasury Note||0.230%||0.004||0.226%|
|U.S. 5 Year Treasury Note||0.793%||0.010||0.783%|
|U.S. 10 Year Treasury Note||1.273%||0.012||1.261%|
|U.S. 20 Year Treasury Bond||1.813%||0.023||1.790%|
|U.S. 30 Year Treasury Bond||1.893%||0.023||1.870%|
Stocks To Watch
Financial advisory firm GreenPro announced that its company Angkasa-X is entering a deal with Silkwave to develop the world’s first GEO-LEO integrated satellite network. The network will provide integrated satellite services in South-East Asia, a rapidly growing market.
Vivos Therapeutics was granted a 510(k) market clearance by the U.S. Food and Drugs Administration for the mmRNA oral appliance for sleep apnea. The clearance gives the company a green light for development of the treatment with no clinical trials and little oversight.
Casi Pharmaceuticals reported positive Q2 earnings results. The company gained $7.1 in revenues from EVOMELA, a treatment for patients with multiple myeloma.
Plus Therapeutics (formerly Cytori Therapeutics) announced positive results from the ReSPECT Phase 1 clinical trial into its drug Rhenium-186 NanoLiposome for recurrent glioblastoma.
Commodities To Watch
Oil was up almost 3% after seven days of losses. The weak dollar helped the rally in oil, making the commodity less expensive for dollar holders. Gold strengthened.
|WTI Crude Oil||$64.06||3.09%|
|Brent Crude Oil||$67.28||3.22%|
The global crypto market cap is at $2.16T, a 2.26% increase over the last 24 hours. Bitcoin’s dominance is currently 43.76%, a decrease of 0.11% in the same period. Bitcoin is back above $50,000, as PayPal announced it would allow its customers in the UK to buy and sell cryptocurrencies.
|Symbol||Price||Chg. %||Market Cap.|