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Sunday, July 3, 2022

Markets Slip, but Now Have a 6-Month Streak



(Newser)

The stock market ended July with gains, even if the month’s last day of trading was a little rocky. The Dow fell 149 points on Friday to 34,935, the S&P 500 fell 23 points to 4,395, and the Nasdaq fell 105 points to 14,672. All the losses were well under 1%. Disappointing numbers from Amazon Thursday contributed to Friday’s sour mood, reports the Wall Street Journal. While the company reported strong sales growth of 27% for the second quarter, that came in below analysts’ expectations. The company’s stock was down about 7% as a result in afternoon trading.


Nevertheless, the benchmark S&P was able to notch its sixth consecutive monthly gain—the longest such streak since 2018, per the AP. And Amazon has been the exception in this latest round of earning reports, with most companies exceeding expectations. “What’s really encouraging is that the sales surprise is trending positive,” says Sal Bruno of IndexIQ. “That tells me that companies are growing, which goes along with the economic reopening.” (Read more stock market stories.)

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