Market Recap – July 25th
Stocks continued their upward trend, with the Dow industrials notching their 11th consecutive day of gains in trading. The S&P 500 and Nasdaq Composite also experienced positive movement. The surge was bolstered by a strong performance in energy stocks, particularly Chevron, which exceeded expectations with its quarterly profit announcement. As a result, Brent crude, the global oil benchmark, saw a 2% increase, reaching $82.74 per barrel.
In the fixed-income market, Treasury yields saw a slight increase, with the benchmark 10-year U.S. Treasury yield rising to 3.855% from the previous 3.837%. This rise in yields came alongside a decline in bond prices.
However, not all companies fared well in the market. Snap, the parent company of Snapchat, suffered a significant drop of 17% following its weak guidance for the current quarter. Despite this, the company managed to post an adjusted loss of 2 cents per share, outperforming consensus estimates of a 4-cent loss per share. Additionally, Snap’s revenue came in higher than expected at $1.07 billion, surpassing the analysts’ projection of $1.05 billion. Similarly, Microsoft faced a minor setback, with its stock sliding approximately 1% after reporting a slowdown in revenue growth for its cloud business during the fiscal fourth quarter. Nevertheless, the company managed to beat analysts’ expectations with earnings of $2.69 per share, surpassing the anticipated $2.55 per share, and reported revenue of $56.19 billion, exceeding estimates of $55.47 billion.
Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio, or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!
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.
