US open: Bank earnings boost Wall Street

(Sharecast News) - Wall Street was trading mostly higher on Tuesday, receiving an unexpected boost in the form of the latest quarterly updates from Bank of America and Morgan Stanley. At 1542 BST, the Dow Jones Industrials was climbing 0.78% to 34,853.26, while the S&P had clambered 0.22% higher to 4,533.03.

The Nasdaq Composite meanwhile was still in the red by 0.19% at 14,217.38.

Yields on benchmark 10-year US Treasuries were off by five basis points to 3.766%, while gold futures snapped higher by 1.42% to $1,984.10/oz.

Shares of Bank of America and Morgan Stanley were registering big gains on the back of their latest quarterly updates.

The latter even went ahead and hiked its quarterly dividend payout.

Economic reports out on Tuesday however were muted with the June retail sales report coming in marginally softer than anticipated.

Commerce reported retail sales volumes edged up by 0.2% on the month (consensus: 0.5%).

Upwards revisions to May's mostly offset that weakness, but for the second quarter as a whole real consumption was left running at an annualised pace of about 1.0%, against 4.2% in the first three months of 2023, Pantheon Macroeconomics estimated.

Industrial production meanwhile fell by 0.5% during the same month and in comparison to May (consensus: 0.1%).

The NAHB/Wells Fargo Housing Market Index did however tick up from 55 points for June to 56 in July, just as expected.

Dow Jones - Risers

Verizon Communications Inc. (VZ) $32.88 4.53% Unitedhealth Group Inc. (UNH) $499.53 3.19% Goldman Sachs Group Inc. (GS) $335.23 2.45% Amgen Inc. (AMGN) $232.38 1.99% Caterpillar Inc. (CAT) $261.88 1.72% Walgreens Boots Alliance, Inc. (WBA) $29.54 1.44% Travelers Company Inc. (TRV) $170.74 1.27% Dow Chemical Co. (DOW) $53.05 1.18% 3M Co. (MMM) $102.87 1.15% Nike Inc. (NKE) $109.89 1.09%

Dow Jones - Fallers

Visa Inc. (V) $239.11 -2.00% Intel Corp. (INTC) $33.87 -1.45% Microsoft Corp. (MSFT) $343.76 -0.57% Salesforce.Com Inc. (CRM) $226.71 -0.57% Apple Inc. (AAPL) $193.04 -0.49% McDonald's Corp. (MCD) $294.67 0.00% Dowdupont Inc. (DWDP) $0.00 0.00% JP Morgan Chase & Co. (JPM) $153.40 0.01% Boeing Co. (BA) $212.13 0.13% Home Depot Inc. (HD) $316.54 0.15%

S&P 500 - Risers

Charles Schwab Corp. (SCHW) $64.83 10.56% Sl Green Realty Corp. (SLG) $33.51 6.28% Morgan Stanley (MS) $91.34 5.75% Dish Network Corp. (DISH) $6.84 5.64% Vornado Realty Trust (VNO) $19.50 5.06% Mosaic Company (MOS) $37.51 4.89% Verizon Communications Inc. (VZ) $32.88 4.53% Apache Corp. (APA) $37.83 4.13% Under Armour, Inc. (UA) $7.39 4.08% Bank of America Corp. (BAC) $30.60 4.08%

S&P 500 - Fallers

Align Technology Inc. (ALGN) $357.44 -3.49% Idexx Laboratories Inc. (IDXX) $537.63 -2.58% ProLogis (PLD) $124.89 -2.41% Advanced Micro Devices Inc. (AMD) $115.62 -2.28% KLA-Tencor Corp. (KLAC) $479.59 -2.20% Visa Inc. (V) $239.11 -2.00% Estee Lauder Co. Inc. (EL) $188.86 -1.97% Micron Technology Inc. (MU) $64.01 -1.76% Western Digital Corp. (WDC) $38.46 -1.75% Applied Materials Inc. (AMAT) $142.96 -1.75%

Nasdaq 100 - Risers

Dish Network Corp. (DISH) $6.84 5.64% Sirius XM Holdings Inc (SIRI) $5.20 5.16% Liberty Global plc Series C (LBTYK) $19.51 3.53% Liberty Global plc Series A (LBTYA) $18.48 3.27% Charter Communications Inc. (CHTR) $382.85 2.15% Amgen Inc. (AMGN) $232.38 1.99% Incyte Corp. (INCY) $62.29 1.98% PACCAR Inc. (PCAR) $89.23 1.91% American Airlines Group (AAL) $18.50 1.73% Ross Stores Inc. (ROST) $111.94 1.53%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $36.28 -3.98% Align Technology Inc. (ALGN) $357.44 -3.49% Baidu Inc. (BIDU) $145.06 -3.07% Idexx Laboratories Inc. (IDXX) $537.63 -2.58% NetEase Inc. Ads (NTES) $103.83 -2.25% KLA-Tencor Corp. (KLAC) $479.59 -2.20% Qurate Retail Inc. (QRTEA) $1.01 -1.94% Micron Technology Inc. (MU) $64.01 -1.76% Western Digital Corp. (WDC) $38.46 -1.75% Applied Materials Inc. (AMAT) $142.96 -1.75%