U.S. markets open in 20 minutes
  • S&P Futures

    4,539.50
    -2.25 (-0.05%)
     
  • Dow Futures

    35,506.00
    +26.00 (+0.07%)
     
  • Nasdaq Futures

    15,434.25
    -44.50 (-0.29%)
     
  • Russell 2000 Futures

    2,294.30
    +0.20 (+0.01%)
     
  • Crude Oil

    83.27
    +0.77 (+0.93%)
     
  • Gold

    1,807.20
    +25.30 (+1.42%)
     
  • Silver

    24.58
    +0.41 (+1.68%)
     
  • EUR/USD

    1.1637
    +0.0007 (+0.06%)
     
  • 10-Yr Bond

    1.6770
    +0.0010 (+0.06%)
     
  • Vix

    15.06
    -0.43 (-2.78%)
     
  • GBP/USD

    1.3785
    -0.0010 (-0.07%)
     
  • USD/JPY

    113.7310
    -0.2570 (-0.23%)
     
  • BTC-USD

    63,553.91
    -1,444.38 (-2.22%)
     
  • CMC Crypto 200

    1,508.81
    -25.84 (-1.68%)
     
  • FTSE 100

    7,223.61
    +33.31 (+0.46%)
     
  • Nikkei 225

    28,804.85
    +96.27 (+0.34%)
     

S&P 500 Climbs as Energy, Industrials Shine

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

By Yasin Ebrahim

Investing.com – The S&P 500 climbed Tuesday, underpinned by strength in economically-sensitive cyclical sectors including energy and industrials.

The Dow Jones Industrial Average rose 0.59%, or 205 points. The S&P 500 added 0.6%, and the Nasdaq was up 0.3%.

Energy led the broader market higher, led by 7% surge in the Pioneer Natural Resources (NYSE:PXD) after oil and gas reported quarterly earnings that fell just short of estimates, but its capital return strategy drew a positive reaction from Wall Street.

“PXD has significantly lagged peers Eog Resources/ConocoPhillips year to date following the DP acquisition, but the shift in the return of capital strategy is a step in the right direction on potentially recapturing some relative performance into year end,” Tudor, Pickering, Holt&Co. said in a note.

EOG Resources (NYSE:EOG) and ConocoPhillips (NYSE:COP) were up more than 3% and 5%, respectively.

Industrials also supported the broader market melt up even as a fall in airlines stocks weighed on the sector amid concerns about the threat of the delta variant of Covid-19 global travel.

American Airlines (NASDAQ:AAL) fell 2%, while United and Alaska Air (NYSE:ALK) were down almost 1%.

The earnings front, meanwhile, served up mixed quarterly results.

Under Armour (NYSE:UAA) reported better-than-expected quarterly results and lifted its guidance for the full-year forecast, sending its share price more than 4% higher.

Alibaba Group (NYSE:BABA) fell 2% after reporting second-quarter earnings that topped earnings, but revenue fell short as the e-commerce giant continues to ramp-up investment in growth opportunities.

Eli Lilly and Company (NYSE:LLY) also reported mixed quarterly results as earnings of $1.87 fell just short of expectations but revenue of $6.74 billion topped estimates.

Large cap tech, with exception of Facebook continued to climb higher.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) were higher, while Facebook (NASDAQ:FB) was in the red.

In other news, Robinhood Markets (NASDAQ:HOOD) surged 27% to rise above its initial public offering price of $38 for the first time as ARK Invest’s Cathie Wood is understood to have been buying shares of the company.

Related Articles

WHO's pandemic project faces cash crunch amid vaccine, oxygen shortages

Apple, healthcare stocks lift S&P 500 amid Delta variant worries