U.S. stock moved higher Friday as strong earnings results increased optimism among investors.
The concerns about the delta variant and weak growth were pushed aside as earnings data boosted U.S. stocks.
Shares of Twitter rose more than nearly 4% after the company reported its fastest revenue growth since 2014. Snap, the company behind Snapchat, rose more than 20% on strong earnings, revenue and user growth. Both companies significantly outperformed Wall Street estimates. (Story continues below.)
U.S. stock futures were up in premarket trading.
- S&P 500: 4,404.42, +0.85%
- Nasdaq: 14,804.22, +0.81%
- DOW: 35,050.13, +0.64%
U.S. Dollar and Treasuries
The yields on the ten-year Treasuries increased slightly but, the yield is still below 1.3%. The dollar strengthened against a basket of major currencies.
- U.S. Dollar Index (DXY): 92.93, +0.12%
- 10-year Treasury yield: 1.292%
- 2-year Treasury yield: 0.200%
Stocks To Watch
Stocks of Chinese tutoring firms New Oriental Education, GSX Techedu and TAL Education Group (and many more) collapsed as a result of a government crackdown. According to Bloomberg, Chinese authorities are considering “asking” tutoring firms to turn non-profit. The move could decimate the $100 billion education tech industry in China. The crackdown on expensive tutoring services could be an attempt at reducing the cost of raising a child.
Stocks of a computer manufacturing firm Socket Mobile rocketed up on positive earnings results. Revenues increased 119% compared to Q2 2020. Q2 Gross margin increased to 55%.
- EDU New Oriental Education $2.930, -54.22%, 31.07M (volume)
- TAL TAL Education $9.66, -52.92%, 15.66M (volume)
- GOTU GSX Techedu A $3.98, -58.46%, 7.77M (volume)
- SCKT Socket Mobile Inc 10.300 +77.59% 1.46M (volume)
Commodities To Watch
Prices of crude oil dropped as China released more than 20 billion barrels from its strategic reserves to curb oil prices. Gold dropped but, remains above $1800.
- WTI crude: $71.71, -0.28%
- Brent crude: $73.55, -0.33%
- Gold: $1,801.80, -.20%
The global crypto market cap increased by 2.24% in the last 24 hours. Elon Musk revealed some information about his personal crypto holdings, stating that he owns Bitcoin, Ethereum and Dogecoin. He also said that his Bitcoin holdings are worth much more than what he owns in Ethereum and Dogecoin.
- BTC: $32,450.28, +2.16%
- ETH: $2,067.34, +4.88%
- XRP: $0.5941, +4.20%
- DOGE: $0.192, +0.60%