Why U.S. Stocks Are Trading Higher; Goldman Sachs Tops Q2 Views

U.S. stocks traded higher this morning, following earnings results from big banks.

The Dow traded up 0.65% to 31,492.58 while the NASDAQ rose 1.25% to 11,595.04. The S&P also rose, gaining, 0.79% to 3,893.64.

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Leading and Lagging Sectors

Energy shares rose 3% on Monday. Meanwhile, top gainers in the sector included North European Oil Royalty Trust NRT, up 12% and Nabors Industries Ltd. NBR up 8%.

In trading on Monday, utilities shares fell by 0.8%.

Top Headline

Goldman Sachs Group, Inc GS reported better-than-expected results for its second quarter on Monday.

The bank reported second-quarter FY22 revenue of $11.86 billion, down 23% year-on-year, squashing the consensus of $10.96 billion. EPS of $7.73 beat the consensus of $7.25.

Equities Trading UP

Intelligent Living Application Group Inc. ILAG shares shot up 84% to $4.1500 after declining 11% on Friday. The company reported closing of $20.24 million initial public offering.

Shares of AMTD Digital Inc. HKD got a boost, shooting 51% to $24.49 after gaining 108% on Friday. The company priced its IPO at $7 per share.

Advent Technologies Holdings, Inc. ADN shares were also up, gaining 27% to $3.35 after the company's Green HiPo project received official ratification from the European Commission.

Equities Trading DOWN

United Maritime Corporation USEA shares tumbled 56% to $2.70 after the company reported pricing of $26 million offering.

Shares of Gorilla Technology Group Inc. GRRR were down 28% to $26.01.

Achilles Therapeutics plc ACHL was down, falling 12% to $2.3411. Achilles Therapeutics recently reported the appointment of James Taylor as Chief Business Officer and Cassian Yee, MD to its Scientific Advisory Board.

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Commodities

In commodity news, oil traded up 4.5% to $101.98, while gold traded up 0.7% to $1,715.60.

Silver traded up 1.3% to $18.835 on Monday while copper rose 3.8% to $3.3555.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 1.1%, London’s FTSE 100 rose 1% while Spain’s IBEX 35 Index rose 0.3%. The German DAX gained 0.8%, French CAC 40 rose 1.2% and Italy’s FTSE MIB Index gained 1.3%.

Spain recorded a trade deficit of EUR 4.76 billion in May versus a year-ago surplus of EUR 0.14 billion. Italy reported a trade deficit of EUR 12 million in May compared to a surplus of EUR 5.6 billion in the year-ago month.

Economics

The NAHB housing market index fell to 55 in July, recording the weakest reading since May 2020, down from June’s reading of 67. Analysts, however, were expecting a reading of 65.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury International Capital report for May is scheduled for release at 4:00 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 91,275,140 cases with around 1,048,238400 deaths. India confirmed a total of at least 43,767,530 cases and 525,760 deaths, while Brazil reported over 33,301,110 COVID-19 cases with 675,400 deaths. In total, there were at least 567,876,200 cases of COVID-19 worldwide with more than 6,387,860 deaths.