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Dow Higher as Boeing Stems Weakness; Big Tech Jumps

Published 07/27/2020, 12:55 PM
Updated 07/27/2020, 03:38 PM
© Reuters.

By Yasin Ebrahim – The Dow flirted with session highs on Monday, as Boeing cut some losses and several mega-cap tech companies rallied ahead of key earnings slated for later this week.

The Dow Jones Industrial Average rose 0.42%, the Nasdaq Composite gained 1.74% and the S&P 500 added 0.75%

Mega-cap tech made a positive start to the week as investors awaited clues on the performance of (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL) and Facebook (NASDAQ:FB), all of which are slated to report earnings on Thursday.

Ahead of the earnings reports, tech will come under scrutiny on Capitol Hill, where chief executives of Facebook, Apple, Alphabet, and Amazon are due to testify on Wednesday, before a Congressional hearing on antitrust in big tech.

Tech's climb higher was also helped by a jump in chip stocks, led by a 12% pop in Taiwan Semiconductor (NYSE:TSM) on reports that Intel had ordered 6nm chips from Taiwan Semiconductor for next year.

In health care, Moderna (NASDAQ:MRNA) was up 9.9% after receiving $472 million in government funding to accelerate the development of its coronavirus vaccine.

On the earnings front, meanwhile, Hasbro (NASDAQ:HAS) reported second-quarter results that missed on the top line as shuttered stores and product shortages weighed on performance, sending its shares more than 7% lower.

In other news, Boeing (NYSE:BA), which fell 2.57%, reportedly plans to delay the launch of its new 777X jet by up to a year, CNBC reported, citing sources.

Investor sentiment on risk was also bolstered by stronger-than-expected growth in durable goods orders, which raised expectations for a rebound in economic growth in the third quarter.

"This creates positive momentum for capital spending and overall GDP in the third quarter," Jefferies (NYSE:JEF) said.

Latest comments

What are you talking about?!?! But what the @!*? are you talking about!!!! This is all fed and 600$ stimulus invested in markets. Stop writing absurd articles and start to point to what is really happening.
dollar dump 0.8% not rocket science. markets literally up because printer goes brrrrrr
The guy in the stock photo shorted Tesla!
Trump is a currency manipulator!Trump may lose elections due to weak dollar .........
just save yourself a bunch of time and make every article titledd "Printer goes..." and the text "brrrrrrrrrrrrrrrrr rrrrrrrrrrrr rrrrrrrrrrr rr rrrrrrrrrrrr rrrrr rrrrrrrrrrrrrrrrrrrrrrrrrrrrrr"
the front page 5 minutes ago was something like "Dow down as Boeing shares dump" and a few minutes later "Dow Higher as Boeing Stems Weakness; Big Tech Jumps"... they did not even change the content of the article. this globalist clickbait garbage fake news is the lazies nonsense in the world.
Fraudsters back in pic
Boeing will be up on Thursday and Friday of this week.
Sell dow
looks flat to me
Constant articles not needed for this. Tell us what's coming, with specifics, not what came.
If they could do that, they wouldn't have been writing articles. They would have been billionaires chilling in the Hamptons.
50 points up is higher ? r u a certified writer ?
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