US Stocks Soar Again On Robust Earnings
3:53 pm Wednesday, August 03rd, 2022
Stocks on Wall Street are extending their gains in afternoon trading Wednesday as investors review a mostly encouraging batch of quarterly earnings from several big companies.
Indexes have more than recouped losses earlier in the week. Technology companies, retailers and communications companies were some of the biggest winners. Only energy sector stocks fell, dragged down by lower oil prices.
The Vanguard Mega-Cap Growth ETF (MGK) has extended today’s gains. It is up 2.8%, leaving it up 15.8% since the start of July. The renewed strength of the mega-cap stocks has been instrumental in driving the renewed strength of the broader market.
Separately, after saying yesterday that the Fed is nowhere near being almost done fighting inflation, San Francisco Fed President Daly (not an FOMC voter until 2024) said today that she thinks 50 basis points in September is reasonable. She issued the caveat, according to Reuters, that a 75-basis point increase might be appropriate if the labor market isn’t showing signs of slowing and inflation keeps “roaring ahead undauntedly.”
Ms. Daly and the other Fed officials will have their latest marks soon enough. The July employment report is out this Friday and the July CPI report comes out August 10.
Earnings reports after the close will be headlined by APA Corp. (APA), Amdocs (DOX), Clorox (CLX), e.l.f. Beauty (ELF), eBay (EBAY), Fastly (FSLY), Fortinet (FTNT), Lucid Group (LCID), Marathon Oil (MRO), McKesson (MCK), MGM Resorts (MGM), Qorvo (QRVO), Rent-A-Center (RCII), Sunrun (RUN), Udemy (UDMY), Unisys (UIS), and Western Union (WU).
