LIVE – Floor of the NYSE! July 28, 2017 Financial News – Business News – Stock News – Market News



Watch Us LIVE from the Floor of NYSE! July 28, 2017 Financial News – Business News – Stock News – Market News – Stock Exchange

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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2017

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2017

On Monday, the PMI composite flash for July rose 1.2 points to 54.2 and existing home sales for June fell 1.8% to an annualized rate of 5.52 million units. Corporate earnings season hits full strength this week. Markets were mixed, however, the Nasdaq composite closed at a record high as investors anticipated good earnings from tech stocks.

On Tuesday, the Case-Shiller home price index for May rose .1% compared to the prior month’s .2% decline, and consumer confidence for July rose almost 4 points to 121.1. Promises by Saudi Arabia to deeply cut production caused U.S. crude to jump 3.3% to $47.89 a barrel, and 10-year Treasuries rose seven basis points to yield 2.33%. Markets rose after some major companies reported quarterly results that exceeded expectations. Both the S&P 500 and Nasdaq composite closed at record highs.

On Wednesday, new home sales for June were up 5,000 to an annualized 610,000 units, and the EIA petroleum status report for the week ending July 21st showed crude oil inventory declined by 7.2 million barrels. U.S. crude rose 1.8% on the news to settle at $48.75 a barrel. The Federal Reserve finished its two-day meeting and by unanimous vote, did not raise interest rates. The Fed also stated that it will begin to divest its bond portfolio “relatively soon” but no one seems to be sure exactly when that implies, and the Fed also noted that inflation was running lower than the preferred target of 2%. The S&P 500, Dow Industrials, and Nasdaq composite all closed at a record high.

On Thursday, durable goods orders for June rose 6.5% compared to the prior month’s 1.1% decline and jobless claims for the week ending July 22nd rose 10,000 to 244,000. The Dow Industrials closed at a record high, but the Nasdaq composite fell on profit taking in the tech sector.

On Friday, the 2nd quarter GDP came in at a healthy 2.6%, meeting expectations, and employment costs for the 2nd quarter rose .5%. Markets opened lower on profit taking and disappointing earnings from Amazon. Now let’s take a look at some stocks.

Alphabet Inc. (NASDAQ: GOOGL) reported second quarter financial results that beat analyst estimates, however, shares dropped due to a decrease in profit from a $2.7 billion European anti-trust fine. Cost per click metrics fell 23% from a year ago, which was greater than analyst estimates of a 15% drop.

Chipotle Mexican Grill, Inc. (NYSE: CMG) posted its second quarter earnings after the market closed on Tuesday, beating estimates despite several food safety scandals. Although the company performed well, fear of an impending Norovirus breakout sent shares below $340 this week.

Advanced Micro Devices, Inc. (NASDAQ: AMD) reached a new 52-week high of $15.65 a share on Wednesday after the company reported a 19% increase in second quarter revenue to $1.22 billion, beating analyst expectations of $1.16 billion. The company also noted that it expects third quarter revenue to increase by about 15% year-over-year.

Facebook, Inc. (NASDAQ: FB) released their second quarter earnings Wednesday afternoon with mobile advertising revenue of $8 billion surpassing expectations of $7.68 billion. Facebook reached an all-time high of $175.49 per share on Thursday.

Twitter, Inc. (NYSE: TWTR) shares dropped over 10% on Thursday after the company reported a disappointing number of monthly active users in its second quarter earnings release. The social media platform had 328 million monthly active users, demonstrating that there has been no growth since the previous quarter. Shares of the social media giant fell below $17 on Thursday.

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