Market Recap – August 1st
U.S. stock futures started August on a slightly lower note after the S&P 500 and Nasdaq experienced their strongest first seven months of the year in decades. Dow Jones Industrial Average futures retreated by 40 points (0.1%), following a 100-point gain on Monday, closing at 35,559. S&P 500 futures declined by 0.1%, while Nasdaq futures, which track tech-heavy companies, dropped 0.2%.
Barclays’ upgrade of Gap to overweight from equal weight caused the retail stock to surge nearly 4%. Analyst Adrienne Yih set a $13 price target for Gap, implying a potential 26.2% increase from Monday’s closing price. In addition to Gap, Barclays also upgraded American Eagle, Bath & Body Works, and Tapestry to overweight, with each of these stocks rising over 2% in early morning trading.
Pharmaceutical company Incyte’s shares rose 2% after beating analysts’ expectations in its latest results. The company reported second-quarter revenue of $954.6 million, surpassing the FactSet consensus estimate of $909.7 million. Per-share adjusted earnings came in at $0.99, exceeding the forecasted $0.72 per share. CEO Herve Hoppenot attributed the strong performance to double-digit growth in Jakafi, a treatment for blood cancer.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.