The Dow Jones Industrial Average (DJIA) recently posted a spectacular rally, posting its best daily performance since 2017. DJIA posted a strong performance this year, up 25.08%, the highest since 2013, and an unprecedented 71 new highs. [1]. This was achieved amid unprecedentedly low volatility, with only 10 trading sessions posting movements of more than 1%, the lowest total since 1964. [1]. His DJIA best record in 2017 saw him climb more than 5,000 points in his one year in the index, marking the largest yearly point increase ever. [2]. As of July 19, 2023, DJIA is at 35,061.21 points. [3]. This recent surge in performance is reminiscent of his 2017 run, making it his best daily run since.
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References: [1] Dow Jones Industrial Average Report Card – 2017 … [2] The Dow is up 5,000 points in a year for the first time in history. [3] What is the all-time high of the Dow Jones Industrial Average (DJIA)?
Netflix’s disappointing quarterly earnings
Netflix’s disappointing quarterly sales were a big drag on the Nasdaq. The streaming giant’s shares fell 9.4% after earnings reports showed earnings fell short of expectations. This underperformance has raised investor concerns and has had a negative impact on broader indices as a result.As a result, the tech-heavy Nasdaq, which counts Netflix as one of its major players, fell.[1][3].
References: [1] Tesla and Netflix Drop Nasdaq. Dow Eyes Day 9… [2] U.S. stock futures plunge on impact of Tesla and Netflix [3] Nasdaq Falls in Shadow of Tesla and Netflix: Stock Market…
Dow Jones marks highest daily rate of change since 2017
The Dow Jones Industrial Average continues its winning streak, gaining 300 points for its ninth straight day of gains and the highest daily gain since 2017.[1]. That was largely due to strong results from Johnson & Johnson, which beat Wall Street expectations and boosted its full-year outlook, sending the stock up 6%.[1]. However, the market as a whole saw a slight decline as revenues from Netflix and Tesla fell.Netflix shares fell 9% and Tesla shares fell 7% after the announcement of a slowdown in car production.[1]. Nonetheless, about 74% of S&P 500 companies reporting earnings beat expectations, adding to optimism about the economy.[1].The Dow Jones Industrial Average’s longest winning streak since September 2019[1].
References: [1] Stock Market Today: Live Updates [2] Dow Jones Today: Nasdaq Focuses on Tech Profits [3] Dow soars more than 300 points after Biden and McCarthy take office
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Goldman Sachs and Carvana Earnings
Goldman Sachs and Carvana recently reported earnings.Goldman Sachs shares rose despite lower second-quarter earnings [1]. Earnings for financial giants fell short of expectations, but the market was optimistic about further IPOs and trading opportunities, which led to higher stock prices. [3].
Used-car retailer Carvana reports smaller-than-expected second-quarter losses, leading to a big rally in its stock [3]. The company also announced a deal to reduce its debt by more than $1.2 billion. The deal cleared most of the bond’s maturities, was well received by the market, and sent the company’s stock soaring. [1].
Both companies have demonstrated resilience in challenging market conditions, demonstrating the strength of their business models and strategic initiatives. [1][3].
References: [1] Carvana Debt Reduction, Constellation Brands Settlement… [2] events and presentations [3] Dow continues winning streak after Goldman Sachs results
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Of the S&P 500 companies that have reported earnings so far, 74% beat expectations.
Of the S&P 500 companies that have reported earnings so far, 74% have beaten expectations, according to FactSet data. [1]. This is a positive sign for the economy as it shows that most of these companies are performing better than analysts expected. Over the past decade, actual earnings reported by S&P 500 companies have outperformed expected earnings by an average of 6.4%, and this trend of above-expected performance is not new. [2]. Such strong corporate performance can affect the overall market sentiment and drive stock indices higher.
References: [1] Dow likely to extend winning streak [2] Revenue insights [3] MTL:CC – Dow likely to extend winning streak
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