Stocks eke out win ahead of busy week.
Stocks eke out win ahead of busy week.
Stock Market Update: SoFi Earnings Impress, Palantir Keeps Rising
Stocks started the day on a positive note, but as the session progressed, they lost their momentum. After a Friday that saw markets react positively to an encouraging inflation update and impressive Intel earnings, today’s session was relatively quiet. However, there is anticipation that later this week, key economic data and several high-profile earnings reports will shake things up once again.
In terms of economic news, the Chicago purchasing managers index (PMI) for July came in at 42.8, which was above June’s reading of 41.5. Although this was a positive sign, it was softer than what analysts had expected. Edward Moya, senior market strategist at currency data provider OANDA, indicated that the manufacturing part of the economy is still in contraction territory and that the recovery will likely be unbalanced. This suggests that there are still challenges ahead for the economy, despite some positive indicators.
Now, let’s take a closer look at some notable earnings reports. SoFi Technologies (SOFI), a financial services firm, reported a narrower-than-anticipated second-quarter loss and higher-than-expected revenue. This positive news caused SOFI stock to jump 19.9%. Additionally, SoFi revealed $340 million in Q2 whole loan sales and raised its third-quarter EBITDA forecast. These results indicate that SoFi is on a positive trajectory and gaining momentum in the financial services sector.
Another company making waves in terms of earnings is Palantir Technologies (PLTR). PLTR stock popped 11.4% as investors eagerly awaited its Q2 earnings report. The stock has been on a hot streak, rising almost 20% in the last five days. This surge can be attributed to Palantir’s strong focus on artificial intelligence (AI). In fact, Wedbush analyst Dan Ives recently compared Palantir to Lionel Messi, stating that the company has built an unmatched AI fortress and is poised to be a major player in the AI revolution over the next decade. The excitement surrounding AI is evident, with many individuals exploring investment opportunities and trying innovative AI-based solutions.
Turning our attention to the major indexes, the Nasdaq Composite closed up 0.2% at 14,346, while the S&P 500 (+0.2% at 4,588) and the Dow Jones Industrial Average (+0.3% at 35,559) also experienced modest gains. These positive movements demonstrate the overall upward trend in the stock market, as all three indexes closed the month on a solid note.
- Consider an IRA CD for retirement while rates are up.
- Wall St shines, China misses again
- Apple’s fanbase is eager to highlight the ‘thinnest bez...
Looking ahead, there are several significant events to watch out for. Mega-cap stocks like Apple (AAPL) and Amazon.com (AMZN) are set to announce their earnings results, generating anticipation in the market. Analysts have observed mixed performance among companies, with better-than-expected gains for domestic companies and underperformance from those with international exposure. However, challenges such as high inflation no longer seem to be significant headwinds. Mark Hackett, chief of investment research at Nationwide, believes that companies are starting to experience tailwinds as they navigate the economic landscape.
In terms of economic data, the monthly jobs report, scheduled to release on Friday, is expected to be the marquee event. The report will provide insights into the current state of employment and is likely to confirm a tight labor market, suggesting a positive outlook for the job market.
Overall, while today’s session was relatively calm, there are exciting developments on the horizon. Earnings reports from companies like SoFi and Palantir indicate positive growth potential, and the upcoming economic data will shed light on the broader economic landscape. As investors eagerly await these updates, it’s important to remain optimistic and keep an eye on the trends shaping the market.
Related Content
- When is the Next CPI Report?
- Home Depot Says It Can Manage Despite Yellow Trucking’s Shutdown
- New SEC Rules Aim to Curb Investor Costs When Companies Are Hacked
/cloudfront-us-east-2.images.arcpublishing.com/reuters/CJCFGO7AM5OBNIJYMYLMENE5XU.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/L55BQWUGEROT5JCXNXWC7HGENA.jpg)
