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Stocks rebound to new highs

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The major stock indexes ended a shortened holiday week on a high note, leaving Thursday’s treasury uproar behind to end today at record highs.

After falling to its lowest level since February yesterday, the 10-year Treasury yield stabilized, standing at 7 basis points (one basis point equals one hundredth of a percentage point) at 1.36 %.

Today, reopening actions like American Airlines (AAL, + 2.7%) and Carnival (CCL, + 2.3%), as well as financials (+ 2.8%).

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the Dow Jones Industrial Average gained 1.3% to end at 34,870 as the big banks Goldman Sachs (GS, + 3.6%) and JPMorgan Chase (JPM, + 3.2%) surged ahead of next week’s earnings reports, while the S&P 500 Index jumped 1.1% to 4,369. Even the Nasdaq Composite swept the news of President Joe Biden’s executive order to promote competition in a wide range of industries, including technology, to finish up 1.0% to 14,701.

Other stock market action today:

  • Small cap Russel 2000 increased 2.2% to 2,280.

  • Discover financial services (DFS) jumped 6.2% today. Citi upped the big bank’s actions to Buy, saying it “has the clearest short-term path to benefit from the return of consumer spending and card loans as the benefits of the pandemic expire and that high payment rates return to lower levels “.

  • There have been a number of stocks that have moved on M&A news today. Philip Morris International (PM) rose 1.1% after the tobacco titan announced it was buying UK respiratory treatment specialist Vectura for $ 1.4 billion. Additionally, Stamps.com (STMP) climbed 64.0% after the courier company agreed to be privatized by Thoma Bravo in a deal valued at $ 6.6 billion.

  • U.S. Crude Oil Futures rose 2.3% to $ 74.60 a barrel, but was still down 0.8% for the week.

  • Gold Futures gained 0.6% to close at $ 1,810.60 an ounce. For the week, gold rose 1.5% – its third consecutive weekly win.

  • the CBOE Volatility Index (VIX) dipped 14.8% to end at 16.18.

  • Bitcoin added 1.3% to $ 33,446.99. (Bitcoin trades 24 hours a day; the prices listed here are at 4 p.m. each trading day.

stock price chart 070921

stock price chart 070921

YCharts

So, what’s in store for you next week?

While the start of the second quarter earnings season will certainly be in the foreground, Wall Street will also be watching inflation with the latest Consumer Price Index (CPI) expected before the opening bell on Tuesday, July 13.

Last month’s CPI rose 5% year-on-year – its biggest year-on-year increase since August 2008. And according to Gargi Chaudhuri, head of investment strategy iShares, Americas at BlackRock, inflation will continue to rise in arrow. This is due to several factors, including the Fed’s easy money policy, higher production costs, and supply bottlenecks.

However, Chaudhuri says the upward trend in inflation bodes well for “cyclically oriented value stocks in sectors such as financials which have been performing well so far in 2021.”

For investors looking to position themselves for higher inflation, we’ve recently compiled a list of top-rated financial stocks to watch for the rest of the year. These are the most compelling pieces in the space, according to Wall Street analysts. Check them out here.

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