Markets
Here are today’s market moves:
What Happened?
The S&P 500 climbed on Wednesday as positive earnings results from companies helped support a rebound from Monday’s bloodbath.
Major U.S. indexes have mostly recovered to levels near last week’s record highs. The S&P 500 is within 0.6% of its record close.
The Delta variant of coronavirus still remains a risk, but right now investors are focusing on the positive earnings results coming in.
TINA: There is no alternative. With yields on government and corporate bonds at very low levels, investors see few alternatives to stocks for deploying cash.
The crypto market gained on Wednesday, with Bitcoin trading near $32,000 as Elon Musk announced at the B Word Conference that SpaceX holds bitcoin on its balance sheet.
What Else?
This Week
Monday: Earnings expected from IBM.
Tuesday: Earnings expected from Chipotle and Netflix.
Wednesday: Earning expected from Coca-Cola, Johnson & Johnson, United Airlines, and Verizon.
Thursday: Earnings expected from Blackstone, Domino’s, Intel, Snap, and Twitter.
Friday: Earnings expected from American Express and Honeywell.