Stocks rally as J&J boosts outlook, Walmart gets Goldman lift
Walmart added to Goldman Sachs' 'Americas Conviction List'
Economists claim US inflation will carry over into 2022
Cato Institute chair of understanding of economics Ryan Bourne joins 'Kennedy' to discuss concerns surrounding the U.S. economy amid supply chain crisis
U.S. stocks rallied Tuesday as earnings reports continued to exceed estimates.
The Dow Jones Industrial Average rose 199 points, or 0.57%, while the S&P 500 index and the Nasdaq Composite index climbed 0.74% and 0.71%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44729.03 | -7.54 | -0.02% |
| SP500 | S&P 500 | 6012.4 | +25.03 | +0.42% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19159.000588 | +104.17 | +0.55% |
In stocks, Johnson & Johnson raised its full-year adjusted profit forecast but held the outlook for COVID-19 vaccine sales unchanged. Adjusted earnings were ahead of estimates while revenue fell short.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 155.78 | +0.61 | +0.39% |
| PFE | PFIZER INC. | 26.17 | +0.52 | +2.03% |
| MRNA | MODERNA INC. | 43.66 | +2.55 | +6.20% |
| BNTX | BIONTECH SE | 119.23 | -1.52 | -1.26% |
Separately, the U.S. Food and Drug Administration is set to approve a "mix and match" approach to COVID-19 booster shots, according to The New York Times. An official announcement could come as early as this week.
Walmart Inc. was added to Goldman Sachs’ "Americas Conviction List" due to the belief the world’s largest retailer is in a position to take market share and improve profitability next year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 89.50 | -0.94 | -1.04% |
Procter & Gamble reported earnings and revenue that exceeded Wall Street estimates as price hikes helped offset higher costs. The company warned it expects inflation will intensify in the months ahead.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PG | PROCTER & GAMBLE CO. | 177.39 | +1.11 | +0.63% |
Travelers Companies Inc. beat on both the top and bottom lines as stronger investment returns helped offset a rise in catastrophe losses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TRV | THE TRAVELERS COS. INC. | 261.22 | -1.25 | -0.48% |
Halliburton Co. swung to a quarterly profit after losing money a year ago as demand picked up for oilfield services as crude prices rebounded. CEO Jeff Miller sees a "multiyear upcycle unfolding."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HAL | HALLIBURTON CO. | 31.99 | +0.05 | +0.16% |
West Texas Intermediate crude oil rose 52 cents to $82.96 a barrel and gold jumped $4.90 to $1,769.70 an ounce.
Overseas markets were mixed.
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In Europe, France’s CAC 40 slipped 0.05%, Britain’s FTSE 100 ticked up 0.19% and Germany’s DAX 30 gained 0.27%.
Asian bourses rallied across the board with Hong Kong’s Hang Seng index climbing 1.49%, China’s Shanghai Composite advanced 0.7% and Japan’s Nikkei 225 edged up 0.65%.