Markets Mixed at Midday as Strong Earnings Reports Lift the Dow and S&P 500
The Dow and S&P 500 advanced at midday on July 18, 2023 following strong earnings reports from some of the nation’s biggest banks.Oil futures rose, boosting shares of energy companies.Shares of Intel and other semiconductor firms declined.
U.S. equities were mixed at midday, with the Dow up for the seventh consecutive session, as more companies announced strong earnings results. The S&P 500 was also in the green, but the Nasdaq fell slightly.
Charles Schwab was the best-performing stock in the S&P 500 as the discount brokerage and financial services firm beat profit and sales estimates. Bank of America also exceeded forecasts, and shares jumped. Shares of Morgan Stanley advanced as the bank posted record wealth management revenue.
Shares of Verizon Communications and AT&T rallied from yesterday’s selloff after reports the companies would start testing sites for lead contamination in their cables. Oil futures gained, lifting shares of Chevron and other energy producers.
Visa was the biggest laggard in the Dow, with shares down almost 2% as it faces a new antitrust lawsuit. After strong gains yesterday, shares of First Solar and other solar power companies declined.
Gold prices climbed. The yield on the 10-year Treasury note dropped. The U.S. dollar rose versus the euro, pound, and yen. Most major cryptocurrencies traded lower.
