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S&P 500, Nasdaq register biggest monthly gains since 2020

By Reuters_News

20:46, 29 July 2022

A file photo of the exterior of the Nasdaq market site in Times Square in the Manhattan borough of New York City, U.S., October 24, 2016.
A file photo of the exterior of the Nasdaq market site in Times Square in the Manhattan borough of New York City, U.S., October 24, 2016.

By Caroline Valetkevitch

- U.S. stocks added to their recent rally on Friday after upbeat forecasts from Apple AAPL.O and AMZN.O, and the S&P 500 and Nasdaq posted their biggest monthly percentage gains since 2020.

Most S&P 500 sectors ended higher, with energy .SPNY rising 4.5%, the most of any S&P sector. Chevron Corp CVX.N rose 8.9% and Exxon Mobil XOM.N shares jumped 4.6% after the companies reported record quarterly revenues.

Apple Inc shares gained 3.3% after the company said parts shortages were easing and that demand for iPhones was continuing. Inc shot up 10.4% after it forecast a jump in third-quarter revenue from bigger fees from its Prime loyalty subscriptions.

"In today's market, the Amazon and Apple numbers are giving the market support (on) the idea that two large companies that are a large part of the S&P seem so far to be able to navigate through these tougher times," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

Stocks have also rallied this week on investor speculation that the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

The Dow Jones Industrial Average .DJI rose 315.5 points, or 0.97%, to 32,845.13; the S&P 500 .SPX gained 57.86 points, or 1.42%, to 4,130.29 and the Nasdaq Composite .IXIC added 228.10 points, or 1.88%, to 12,390.69.

All three major indexes gained for the month and for the week. The S&P 500 gained about 9.1% for July in its biggest monthly percentage gain since November 2020, while the Nasdaq jumped about 12.3% in July in its biggest monthly gain since April 2020.

In other earnings, Intel Corp INTC.O shares fell 8.6% after the company cut annual sales and profit forecasts and missed second-quarter estimates.


0.62 Price
+0.950% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


15,945.10 Price
+0.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


38,683.20 Price
+2.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


2,044.71 Price
+0.480% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.30

Second-quarter U.S. corporate results have mostly been stronger than expected.

Of the 279 S&P 500 companies that have reported earnings so far, 77.8% have exceeded expectations. Earnings for S&P 500 companies now are expected to have increased 7.1% in the quarter versus an estimated 5.6% at the start of July, according to IBES data from Refinitiv.

The day's economic data showed U.S. labor costs increased strongly in the second quarter as a tight jobs market boosted wage growth.

But on Thursday, a government report showed the American economy unexpectedly contracted in the second quarter, suggesting to some investors that the economy was on the cusp of a recession. They said it might deter the Fed from continuing to aggressively increase rates as it battles high inflation.

Volume on U.S. exchanges was 11.35 billion shares, compared with the 10.79 billion-share average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers.

The S&P 500 posted three new 52-week highs and 33 new lows; the Nasdaq Composite recorded 63 new highs and 82 new lows.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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