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Stock market today: Dow ekes out gain to notch longest win streak since 2017

Published Jul 21, 2023 04:12PM ET
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Investing.com -- The Dow eked out a win Friday, notching its 10th-straight weekly gain and extending its longest win streak since 2017, led by a climb in defensive corners of the market including utilities amid cautious trading ahead of quarterly results from big tech next week.

The Dow Jones Industrial Average rose 0.01%, or 3 points, notching its longest daily win streak since Aug. 7, 2017. The Nasdaq was down 0.2%, and the S&P 500 was up 0.1%.

Chip stocks climb but big tech mostly lower ahead earnings

Chip stocks were pushed higher by a rally in Qualcomm Incorporated (NASDAQ:QCOM) that helped improve sentiment on chips, a day after Taiwan Semiconductor Manufacturing's (NYSE:TSM) outlook spooked chip investors.

The Taiwanese chipmaker warned of a 10% drop in sales on Thursday as a weaker global economy is expected to weigh on chip demand.

Big tech, traded flat to lower intraday, as investors looked ahead to quarterly results from Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) due Tuesday after the market closes.

Both tech behemoths are up sharply year-to-date, driven by optimism that demand for artificial intelligence will bolster future growth.

Amex, AutoNation fail to impress on earnings stage

American Express (NYSE:AXP) reported mixed second-quarter results as earnings beat, but revenue missed as customers reined in spending on the firm’s credit cards. Its shares fell nearly 4%.

AutoNation (NYSE:AN) slumped 12% as fears that easing car prices could hurt margins offset the automotive retailer’s second-quarter results that topped Wall Street estimates on both the top and bottom lines.

“Margin compression will continue, but won't reach the levels -- certainly this year, in my opinion -- that we saw pre-pandemic,” Mike Manley, AutoNation’s chief executive officer, said on an earnings call that followed the results.

Defensive stocks lead gains

In a sign of caution ahead of the big tech earnings and the Federal Reserve decision due next week, defensive corners of the market including utilities and health care were in the ascendency.

Southern Company (NYSE:SO), The AES Corporation (NYSE:AES), and Nextera Energy Inc (NYSE:NEE) led the move higher in utilities.

Bets on a Fed rate hike next week are all but priced in, according to Investing.com’s Fed Rate Monitor Tool. This puts the focus on Chair Powell’s testimony for any guidance on upcoming policy decisions, Nomura said in a note, adding that it expects July will be the last hike of the current tightening cycle.

Stock market today: Dow ekes out gain to notch longest win streak since 2017
 

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Comments (8)
md Dinislam khan
md Dinislam khan Jul 25, 2023 11:59AM ET
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elliot trach
elliot trach Jul 21, 2023 7:41PM ET
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Stephanie Duran. pumping of Investment Advisors here is frowned on & can be reported. Can be in return for pay or benefits unreported
Michael Benson
Michael Benson Jul 21, 2023 7:24PM ET
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The rise of e-commerce is transforming retail markets.
Keir Gordon
Keir Gordon Jul 21, 2023 7:09PM ET
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Personally with consumer staples and medical stocks that offer attractive dividends. However still diversified using the trending algorithmic system, and having monitored the performance netting over 150k (18%) in four months, I have learned why only a few make enormous returns from the seemingly complicated markets.
Bret Maki
Bret Maki Jul 21, 2023 7:07PM ET
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That's like 6 years
Keir Gordon
Keir Gordon Jul 21, 2023 7:06PM ET
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Intresting
dylan mulvaney
dylan mulvaney Jul 21, 2023 4:41PM ET
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The Down dumped into close, only closing up 0.01%.
Jayne Doe
Jayne Doe Jul 21, 2023 4:40PM ET
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where should I transfer my coins from Coinbase?
Gonzalo Ribeiro
Gonzalo Ribeiro Jul 21, 2023 4:40PM ET
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a cold wallet
Ruslan Kolomiyets
Ruslan Kolomiyets Jul 21, 2023 4:40PM ET
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I will take them
Ma Lu
Ma Lu Jul 21, 2023 4:40PM ET
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Hell
 
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