Equities Lose Gains, Yields Inch Lower: Markets Wrap

Equities started off strong Monday morning, largely paring losses from the prior session, before closing mostly lower.

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key takeaways

  • US stocks erased gains made earlier in the session and closed mostly lower following slower-than-expected manufacturing data
  • 59% of S&P 500 companies have reported so far and 88% of these have beaten Wall Street earnings estimates

US stocks erased earlier gains late in the trading session Monday and Treasury yields continued to slide following disappointing manufacturing data.

Equities started off strong Monday morning, largely paring losses from the prior session, before closing mostly lower. Monday’s July manufacturing data showed that there was some growth in July, but pace slowed for a second straight month as supply chain and bottleneck issues persist.

10-year Treasury real yields, which reveals the expected inflation impact over the next decade, continued declines and fell to minus 1.16%.

Second quarter earnings continue this week with better-than-expected data. 59% of S&P 500 companies have reported so far. 88% of these have beaten Wall Street earnings estimates, according to research from DataTrek. Uber and Lyft are scheduled to report earnings this week.

Earnings growth rate for S&P 500 companies is on track to hit an expected 85.1%. If met, this would be the biggest jump since the fourth quarter of 2009, according to data from FactSet.

Equities

  • The Dow fell -0.28%.
  • S&P 500 declined -0.18%.
  • Nasdaq gained 0.06%.

Insight

Nicholas Colas, co-founder of DataTrek Research, weighed in on second quarter earnings reports.

“Back in 2019, the S&P 500 earned $163/share. We’re running 23 percent higher right now ($50/share in Q2, $200/share annualized) which, given everything that happened, is nothing short of astounding.”

DeFi

  • Uniswap is trading at $22.40, down -2.21% in 24 hours at 4:00 pm ET.
  • Chainlink is trading at $23.18, declining -1.79% in 24 hours at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $38,831.15, down -5.48% in 24 hours at 4:00 pm ET.
  • Ether is trading around $2,595.83, falling -2.23% in 24 hours at 4:00 pm ET.
  • VIX is up 1.22% to 19.46 at 4:00 pm ET.

Fixed Income

  • US 10-year Treasury yields 1.18% as of 4:00 pm ET.

Commodities

  • Brent crude is up to $76.39 per barrel, advancing 0.08%.
  • Gold fell -0.53% to $1,813.22.

Currencies

  • The US dollar lost 0.1%, according to the Bloomberg Dollar Spot Index.

In other news…

Voyager Digital is set to acquire crypto payment platform Coinify in an attempt to accelerate its international expansion and bolster capabilities in the payment space. The buy will give Voyager’s customer base of about 1.8 million users a way to make payments from their Voyager accounts.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

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