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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening | Midday | Closing

Closing Comment — Friday, July 30, 2021

DJIA: 34,935.47, down 149.06
S&P 500: 4,395.26, down 23.89
Nasdaq Composite: 14,672.68, down 105.58

Stocks fall, but cap six-month winning streak

U.S. stocks closed firmly lower on Friday, as Amazon’s disappointing earnings report weighed on investor sentiment. The e-commerce giant slumped more than 7% after posting its first revenue miss in three years and providing weaker-than-expected forward guidance. The Dow fell 149 points, while the S&P 500 lost 0.5% with both benchmarks capping a 0.4% weekly decline. Underperformance in growth-oriented shares sent the tech-heavy Nasdaq Composite down 0.7%, extending its weekly losses to 1.1%. Despite the pullback, the S&P 500 notched its sixth consecutively monthly advance with a 2.3% rally. The Dow gained 1.3% in July, while the Nasdaq Composite climbed 1.2%.

Seven of 11 S&P 500 sectors finished in negative territory, with Consumer Dictionary leading laggards. Energy stocks also underperformed, with Chevron and Exxon Mobil falling 0.9% and 2.4%, respectively, despite both companies exceeding Wall Street's earnings expectations. The Consumer Staples group bucked the downtrend, with Proctor & Gamble adding 2% after beating top and bottom line estimates. In other earnings, Caterpillar slid 2.7% as a warning of margin pressures in the current quarter overshadowed upbeat quarterly figures.

On the data front, the core PCE deflator (the Federal Reserve's preferred measure of inflation) climbed 3.5% year-over-year, above the 3.4% annualized uptick in May and represents the highest reading since 1991. Separately, personal income unexpectedly rose 0.1% in June, while personal spending jumped a better-than-anticipated 1%. Treasuries strengthened, with the yield on the 10-year note down four basis points to 1.23%. In commodities, WTI crude rose to $73.83/barrel, capping a 2.5% weekly gain. COMEX gold lost 1% amid a stronger dollar.

Midday Comment — Friday, July 30, 2021

DJIA: 34,956.02, down 128.51
S&P 500: 4,396.44, down 22.71
Nasdaq Composite: 14,682.77, down 95.49

Stocks lower midday with earnings in focus

U.S. stocks are firmly lower near midsession Friday, as Amazon’s disappointing earnings report weighs on investor sentiment. The e-commerce giant is slumping 7.2% after posting its first revenue miss in three years and providing weaker-than-expected forward guidance. The Dow is falling 128 points, while the S&P 500 is losing 0.5%. The tech-heavy Nasdaq Composite is sliding 0.6%. All three major averages are poised for weekly declines, but remain on track for monthly gains. Notably, the S&P 500 is set to rise 2.3% in July, which would be its sixth consecutively monthly advance.

Seven of 11 S&P 500 sectors are trading in negative territory, with Consumer Dictionary leading laggards. Energy is also underperforming as Chevron and Exxon Mobil each fall more than 1% despite both companies exceeding Wall Street's earnings expectations. The Consumer Staples group is bucking the downtrend, with Proctor & Gamble adding 2.7% after beating top and bottom line estimates. In other earnings, Caterpillar is falling 3.8% as a warning of margin pressures in the current quarter overshadow upbeat quarterly figures. Breadth is negative on issues by 7:4 on the NYSE and 7:5 on the Nasdaq. Composite NYSE volume is nearly 1.6 billion shares.

On the data front, the core PCE deflator (the Federal Reserve's preferred measure of inflation) climbed 3.5% year-over-year, above the 3.4% annualized uptick in May and represents the highest reading since 1991. Separately, personal income unexpectedly rose 0.1% in June, while personal spending jumped a better-than-anticipated 1%. Treasuries are strengthening, with the yield on the 10-year note down five basis points to 1.22%.

Opening Comment — Friday, July 30, 2021

DJIA: 35,058.26, down 26.27
S&P 500: 4,407.85, down 11.30
Nasdaq Composite: 14,720.73, down 57.53

Stocks open lower; head for July gains

U.S. stocks are lower in early trading Friday, as a disappointing earnings report from Amazon weighs on investor sentiment. The e-commerce giant is slumping 7% after posting its first revenue miss in three years and providing weaker-than-expected forward guidance. The Dow is slipping 26 points, while the S&P 500 is falling 0.3%. The tech-heavy Nasdaq Composite is losing 0.4%. Still, all three major averages are poised to rise at least 1% in July, with the S&P 500 heading for a sixth consecutive monthly advance.

In other earnings, Proctor & Gamble is adding 2.4% after beating top and bottom line estimates. Chevron is adding 0.1%, while rival Exxon Mobil is losing 1.2% despite both Energy giants exceeding Wall Street's projections amid higher oil prices and improving market conditions. Caterpillar is falling 2.7% despite posting upbeat quarterly figures. Breadth is positive on issues by 8:5 on the NYSE and 4:3 on the Nasdaq.

On the data front, the core PCE deflator (the Federal Reserve's preferred measure of inflation) climbed 0.4% in June, below expectations for a 0.6% uptick and the 0.5% prior rise. Year-over-year, the gauge rose 3.5%, picking up pace from the 3.4% annualized uptick in May, which had been the highest reading since April 1992. Separately, personal income unexpectedly rose 0.1% in June, while personal spending jumped a better-than-anticipated 1%. Meanwhile, the final reading of July consumer sentiment from the University of Michigan unexpectedly improved to 81.2 from 80.8. Treasuries are strengthening, with the yield on the 10-year note down three basis points to 1.24%.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.

Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.