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Navigating the Storm: The Art of Mindful Leadership in Corporate Seas
In the ever-evolving work landscape, where technological tides are reshaping the shores of employment, the question …
July 13, 2021: -On Tuesday, Dow Jones Industrial Average futures are declining after the measure closed out the before a week at a record. Second-quarter earnings season kicks off on Wall Street this week, with big banks starting reporting results.
Futures on the Dow decreased 144 points or 0.4%, and S&P 500 futures declined 0.2%. Nasdaq 100 futures bucked the trend and got 0.2%.
The 10-year Treasury yield lost two basis points to 1.33%, continuing its losses from last week.
Bank shares, despite expectations for solid earnings reports this week, fell as yields declined. Bank of America and JPMorgan were both low.
The other shares connected to the economic comeback from the pandemic were weaker, with Boeing and Carnival Corp. lower.
Key technology stocks were high in premarket trading, with Tesla, Facebook, and Apple be green slightly.
On Sunday, Virgin Galactic shares jumped 8% after its founder Richard Branson made history by reaching space in its VSS Unity spacecraft.
On Friday, the three major indexes closed at record highs after a sell-off Thursday as investors worried regarding the potential slowdown in U.S. economic growth. The rally on Friday brought the averages into the green for the week; the Dow adds 0.24% week-to-date, whereas the S&P 500 and Nasdaq each increased about 0.4% in the same period.
Stocks tied to the economic recovery that decreased in session logged gains on Friday. Financial names rebounded, with Bank of America and Goldman Sachs both going above 3%. Travel-related stocks also increase; Royal Caribbean popped 3.6%, Wynn Resorts gained close to 2%, and American Airlines and United Airlines added over 2%.
The major averages’ record highs come ahead of the start of quarterly earnings reports. S&P 500 companies’ profits are expected to increase 65% from the same quarter almost a year ago, according to Refinitiv, bouncing back from the pandemic. The anticipated surge in profits would be the most robust earnings growth since the fourth quarter of 2009, as stocks were recovering from the financial crisis.
“The second quarter could be as good as it gets for economic growth,” Callie Bost, senior investment strategist at Ally Invest, said.
“Earnings growth may slow, but analysts still expect S&P profits to grow by double digits in the coming two quarters. It’s crucial not to let faith go in the market just because the economy’s strongest growth may be behind us,” it added.
JPMorgan Chase, Goldman Sachs, and PepsiCo kick off earnings season with results due out before the bell. Bank of America, Citigroup, Wells Fargo, Delta Air Lines, BlackRock report on Wednesday, Morgan Stanley, Trust, and UnitedHealth post results.
Investors also anticipate essential data to be released this week, including critical readings on inflation on Tuesday and Wednesday and June retail sales on Friday.
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