US Stocks Edge Higher; ON Semiconductor Earnings Beat Expectations

U.S. stocks traded slightly higher this morning, with the Dow Jones gaining around 20 points on Monday.

Following the market opening Monday, the Dow traded up 0.06% to 35,479.64 while the NASDAQ rose 0.10% to 14,330.62. The S&P 500, also rose, gaining, 0.07% to 4,585.61.

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Leading and Lagging Sectors

• Energy shares climbed by 1.7% on Monday.
• In trading on Monday, health care shares fell by 0.8%.

 

Top Headline

ON Semiconductor Corporation ON reported upbeat second-quarter results.

ON Semiconductor posted quarterly earnings of $1.33 per share, beating market expectations of $1.21 per share. The company’s quarterly sales came in at $2.09 billion versus estimates of $2.02 billion.

onsemi said it sees third-quarter adjusted earnings of $1.27 to $1.41 per share, versus estimates of $1.21 per share. The company expects revenue of $2.095 billion to $2.195 billion versus expectations of $2.07 billion.

 

Equities Trading UP

• Yellow Corporation YELL shares shot up 97% to $1.39. Yellow reportedly terminated its operations after grappling with multiple issues, including mergers that left it burdened with debt and a conundrum with the Teamsters Union.
• Shares of FOXO Technologies Inc. FOXO got a boost, shooting 87% to $0.2495.
• Fifth Wall Acquisition Corp. III FWAC shares were also up, gaining 55% to $17.80.

 

Equities Trading DOWN

• Unique Fabricating, Inc. UFAB shares dropped 30% to $0.2411 after gaining 60% on Friday.
• Shares of Alset Capital Acquisition Corp. ACAX were down 19% to $6.20.
• Silicom Ltd. SILC was down, falling 24% to $29.75 following second-quarter results.

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Commodities

In commodity news, oil traded up 1% to $81.36 while gold traded down 0.2% at $1,956.20.

Silver traded down 0.2% to $24.445 on Monday while copper rose 0.1% to $3.9270.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index slipped 0.1% The German DAX gained 0.1% French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 0.5%.

The services confidence indicator in the Eurozone fell for a third straight month to a reading of 5.7 in July, while industry confidence indicator fell for a sixth consecutive month to -9.4 in July. The consumer confidence indicator in the Eurozone increased by 1 point to -15.1 in July, while economic sentiment indicator fell for a third month in a row to 94.5.

The Eurozone economy expanded by 0.3% in the second quarter, topping market expectations for a 0.2% growth. Annual inflation rate in the Eurozone eased for a third straight month to 5.3% in July from 5.5% in June.

The annual inflation rate in Italy slowed to 6% in July from 6.4% in the prior month, while GDP shrank by 0.3% quarter-on-quarter during the second quarter. Retail sales in Germany fell by 0.8% month-over-month in June, while import prices fell 11.4% year-over-year in June.

Net approvals for house purchases in the UK rose to 54.7 thousand in June from 51.1 thousand recorded in the prior month, while consumer credit increased by £1.661 billion in June.

 

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.26%, China’s Shanghai Composite Index gaining 0.46% and Hong Kong’s Hang Seng Index rising 0.82%. India’s S&P BSE Sensex, meanwhile, rose 0.6%.

Hong Kong’s economy grew 1.5% year-over-year in the second quarter following a revised 2.9% expansion in the prior period. Retail sales in Japan jumped 5.9% year-over-year in June, while industrial production rose by 2.0% month-over-month in June.

 

Economics

The Chicago Business Barometer rose to 42.8 in July from 41.5 points in June, down from market estimates of 43.3.

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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 107,511,120 cases with around 1,169,790 deaths. India confirmed a total of at least 44,995,580 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,525,750 cases of COVID-19 worldwide with more than 6,903,450 deaths.