Dow Snaps Losing Streak as Earnings Impress
The Dow surged 204 points today, snapping a four-day losing streak thanks to a slew of earnings reports -- including a big quarterly win from Coca-Cola (KO) -- that encouraged investors about the health of the stock market. The Nasdaq scored a triple-digit pop as well, while the S&P 500 (SPX) snapped its five-day skid, as the 10-year Treasury yield pulled back from 5%. Wall Street is now looking ahead to Big Tech earnings from Alphabet (GOOGL) and Microsoft (MSFT), due out after the close today.
- Logitech stock surged after profit announcement.
- Zoom stock hanging around its April lows.
- Plus, two stocks drawing analyst attention; and more on KO's post-earnings pop.
5 Things to Know Today
- Morgan Stanley is in the midst of a leadership transition, with three potential chief executive successors. In the meantime, the lack of news appears to be weighing on the bank stock.
- Britain today got rid of a decade-old cap on bank bonuses. This move diverges from pre-Brexit European Union (EU) rules. (MarketWatch)
- Analyst looking forward to DraftKings earnings.
- Energy drink stock showing signs of life.
- Call traders buzzing over Coca-Cola earnings.
Commodities Pull Back
Oil prices moved lower for a third-straight session, as investors await updates regarding the Israel-Hamas war and tomorrow's U.S. petroleum supplies data. The new front-month contract, December-dated West Texas Intermediate (WTI) crude, fell $1.75, or 2.1%, to settle at $83.74 a barrel.
Gold futures was mostly static with a marginal drop. December-dated gold lost $8.10 to settle at $1,986.30 an ounce Friday.
