Dow hits record close as mixed earnings and economic data halt rally

Macro
โดย Zacks Investment Research·US·Read original
Summary · why it matters

U.S. stocks closed mixed on Wednesday, with the Dow Jones Industrial Average rising 0.5% to a record closing high of 54,349.12, while the S&P 500 slipped 0.2% and the Nasdaq Composite fell 0.8%. The Dow posted its fifth straight positive close and an intraday all-time high of 54,744.33, but the broader rally stalled after four-day winning streaks for the S&P 500 and Nasdaq ended. Strong quarterly results from Eli Lilly, Shopify, and Owens Corning, which beat earnings and revenue estimates, helped lift their shares by 4.9%, 17%, and 4.8% respectively. However, weaker-than-expected economic data weighed on sentiment, including a July services PMI of 54.1 that missed the consensus estimate of 55.1, and ADP private payrolls of 44,000 that fell well short of the 75,000 forecast.

Impact on stocks 4

Cloud & Digital Infrastructure± Mixed · 2 stocks
Shopify Inc
SHOP
▲ PositiveCapitalrelevance

Shopify beat earnings and revenue estimates, boosting shares 17%.

Biotech & Genomic Medicine▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Owens Corning Inc
OC
▲ PositiveCapitalrelevance

Owens Corning beat earnings and revenue estimates, lifting shares 4.8%.

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