Wall Street Stocks Log Fourth Consecutive Record-Setting Day

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Key Takeaways

• Dow Jones, S&P500 registered a fourth straight day of record-high closings on Friday
• Bitcoin price tops $47,500 after thin weekend trading, up about 2% on the day

Wall Street Stocks at Record Highs

Equities on Wall Street traded relatively muted during the week but were still able to perform mostly to the upside. The Dow Jones Industrial Average and the S&P500 finished the weekly action higher by 0.8%, and 0.7%, respectively. The Nasdaq Composite was the underperformer, rounding out the week lower by about 0.1%.

The S&P500 drifted to a new all-time high on Friday after investors cheered better-than-expected earnings reports by companies such as Airbnb and Disney. The broad-market benchmark added 7.17 points, or 0.16%, to set its 48^th record close at 4,468.00.

The Dow Jones Industrial Average climbed moderately by 15.53 points, or 0.04%, to a fresh record close of 35,515.38. The tech-heavy Nasdaq Composite ticked up by 6.64 points, or 0.04%, to end the day at 14,822.90.

Both the S&P500 and the blue-chip Dow registered a four-day record-setting rally, a feast that has not been seen since October 2017. The consistent move higher was largely built on optimism caused by the $1tn infrastructure package, a robust round of quarterly earnings reports, and easing concerns over high inflation pressures.

Bright Prospects for Economic Recovery

Even the rapid spread of the Delta variant was shunted out from the bright prospects for the economic recovery in the US. The country, however, is battered anew by the coronavirus, as the highly transmissible Delta strain is sweeping mainly in areas with low vaccination rates. On Friday, the US reported 187,141 new cases for the day. A couple of days later, the seven-day average pushed above 130,000 infections per day, the highest since Feb 4.

Quiet trading has been defining stock market moves this summer season. Still, investors enjoyed a flurry of strong corporate performance for the second quarter and continue to look forward to the few left to report their financials. NVIDIA Corp., Walmart, Home Depot, Cisco are some of the companies slated to reveal how they weathered the Covid-19 crisis coupled with the economic reopening in the quarter ended June.

High Expectations for European Markets

Meanwhile in Europe, markets last week continued to be buoyed by elevated expectations the eurozone economy will remain on an upward trajectory. The pan-continental Stoxx Europe 600 sealed its tenth straight day of winnings. The region-wide stock gauge ended Friday up roughly 1 point, or 0.21%, at 475.83, a fresh all-time high.

In individual stock action, Adidas announced the sale of Reebok to Authentic Brands in a deal worth $2.5bn. The German sportswear giant said it needed to focus on its central brand. Adidas stock advanced 2.3% on Friday.

In Monday trading, European bourses are trading to the downside. The Stoxx 600 slid about 3 points right at the opening. Major indexes across the eurozone are also in the red today.

Cryptocurrencies in the Green

Bitcoin and cryptocurrencies on Monday are flashing green across the board. The original digital coin now hovers near $47,500, up about 2% on the day. Ether is higher by about 1%, currently trading below $3,300. The weekend for cryptos was relatively uneventful as they traded mostly sideways.

Stateside, US stock futures are lower in pre-market trading today. As US market participants prepare to kick into gear for the week, Dow futures are lower by roughly 80 points. S&P500 futures are down about 0.2%, while Nasdaq futures are relatively unchanged.