AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)

S&P 500 kicks off quarter with sixth straight record close in sight

  • The blue-chip Dow joined the bellwether S&P in positive territory, but a decline in tech shares - led by microchips - helped pull the Nasdaq slightly lower.
Published July 1, 2021
Follow us

NEW YORK: The S&P 500 was on its way to its sixth consecutive all-time closing high on Thursday, as investors greeted a new quarter and the second half of the year in a buying mood.

The blue-chip Dow joined the bellwether S&P in positive territory, but a decline in tech shares - led by microchips - helped pull the Nasdaq slightly lower.

The Philadelphia SE Semiconductor index was last down 1.5pc.

"The first trading day of the quarter bodes well," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "I see gains in this quarter but not as vivacious as they were in the second quarter."

The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day's economic data.

Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88pc from last year, hitting a 21-year low.

Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management's (ISM) purchasing managers' index (PMI), with the employment component dipping into contraction for the first time since November.

The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.

"Jobless claims were better than expected and enthusiasm for stocks continues," Cardillo added. "I suspect that with tomorrow's labor report enthusiasm will likely expand."

Market participants now look to Friday's hotly anticipated employment report, which is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7pc.

A strong reading could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.

Given the scarcity of workers, wage inflation and the labor market participation rate are likely to be more closely scrutinized that usual.

After Friday's jobs data, the next likely catalyst will be second-quarter earnings season set to kick off in the coming weeks.

The Dow Jones Industrial Average rose 87.97 points, or 0.25pc, to 34,590.48, the S&P 500 gained 16.62 points, or 0.39pc, to 4,314.12 and the Nasdaq Composite dropped 18.33 points, or 0.13pc, to 14,485.62.

Of the 11 major sectors in the S&P 500, energy enjoyed the largest percentage gain. Tech was the sole loser.

Walgreens Boots Alliance Inc dropped 5.3pc after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.

Didi Global Inc jumped 17.0pc, on its second day of trading as U.S.-listed company.

Micron Technology Inc slid by 5.8pc despite the chipmaker beating quarterly profit estimates for and raising its revenue forecast, and on the heels of a report that Texas Instruments would buy Micron's Lehi, Utah, factory for $900 million.

MGM Resorts International advanced 1.7pc following its announcement that it will buy the remaining 50pc stake in its JV, CityCenter Holdings LLC, for $2.125 billion from Infinity World Development.

Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored advancers.

The S&P 500 posted 31 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 25 new lows.


Comments are closed.

S&P 500 kicks off quarter with sixth straight record close in sight

PM Shehbaz urges Turkiye to invest in Pakistan's mega solar project

Ishaq Dar says Pakistani delegation to leave for Russia for potential oil deal

Pakistan secures €150mn in aid from ECO Trade and Development Bank: Marriyum

Owned by resident Pakistanis: FBR starts taxing hundreds of foreign properties

Ukraine president’s chief of staff says Russia ‘will pay’ for Soviet-era famine

China’s Shenzhen Energy signs long-term LNG contract with BP

Xi tells Kim China willing to work with North Korea for ‘world peace’

Argentina look to Messi to salvage World Cup bid

Overnight reverse repo (ceiling) rate to be 17pc

Turkish cos to take up profit repatriation, taxation issues with PM