The S&P 500 broad market index continued its fourth straight day of gains, rising 1.5% in trading on Thursday, July 7. And the U.S. stock market at the same time made a serious bid to close the week in positive territory. All this comes in anticipation of Friday’s key employment data.
Dow Jones catches up with the S&P 500
Shares of construction equipment maker Caterpillar (CAT) +4.62%, global sporting goods leader Nike (NKE) +3.74%, and once the world’s top chipmaker Intel (INTC) +3.11% helped the Dow Jones index’s most popular stock index add 1.12%
.
Samsung revived chipmaker stocks
The
growth in the capitalization of semiconductor corporations was favorably influenced by the reporting of Samsung Electronics for the last three months. The South Korean technology giant has shown the best quarterly results for the last four years. Despite lower demand from smartphone makers hit by inflation, strong sales of memory cards to server customers settled the overall corporate balance sheet for the better.
Traders awaiting gains in the Dow Jones and S&P 500 indices. Photo: Reuters The
industry leader’s operating profit rose 11% to $10.7 billion, with revenue up 21% year-over-year. It’s important to note that the strong financial performance comes at a time when many chipmakers are frustrated by oversupply in the market related to customer inventories made earlier.
Shares of Samsung Electronics rose 2.5%, and revived interest in other securities of the semiconductor sector. Against this backdrop, Nvidia (NVDA) gained 4.8%, while Qualcomm (QCOM) and Advances Micro Devices (AMD) gained more than 5%. The Nasdaq Composite added 2.28%.
Time will tell if the bear feast at the oil market was interrupted, but for now we can state a significant rollback after the 10% fall. Futures contracts of West Texas Intermediate showed 5% upward movement, during which the price exceeded $104 per barrel against the background of Beijing authorities’ readiness to stimulate the Celestial Empire economy by infusions of $220bn. The price of North Sea Brent came close to $106.
Not surprisingly, investors remembered oil stocks. Chevron (CVX) gained nearly 2%. ExxonMobil (XOM) and ConocoPhillips (COP) added more than three. EOG Resources (EOG) and Occidental Petroleum (OXY) were up more than four. And Marathon Petroleum (MPC) and Devon Energy (DVN) gained five percent.
Natural gas is one step away from $2,000
But while for oil the increase is perceived as some kind of relief, for natural gas quotes it’s just a normal day’s labor. And only a resident of Russia or an investor in oil and gas assets, including gas futures (NG), can write about it calmly.
Blue fuel continues to break stereotypes about rising prices and the external backdrop. At today’s trading, gas futures contracts in Europe rose another 6%, and the price per thousand cubic meters on the TTF index of the Dutch hub reached $1,942. In less than a full month, the price has already doubled.
While Scholz continues to tell tales about the unfriendly actions of Russia, which, in his opinion, is using the energy resources as a political weapon, German Minister of Economy Robert Habeck for the twenty-fifth time applied to different instances in Canada in order to initiate the return to Germany of the turbine of the German concern Siemens sent to Montreal for repairs.
There is no doubt that the situation is comical. The German-Canadian TV series “We are together” is given a special color by the fact that the issue was not raised at the recent G7 meeting. One would like to ask why. But it won’t. The G7 summit was all about showing off the unity of the so-called West and getting your picture taken with the boss coming from Washington, but not about solving the issues that have arisen even within the association.
Scholz! Stop waiting for the turbine.
Unfortunately, neither Scholz nor Habek has yet understood that Canada is a haven for the largest Ukrainian diaspora in the world, which began to form actively after World War II, when undead elements from Western Ukraine poured
in.
Therefore, Canada’s position will be as anti-Russian as possible given the current geopolitical situation.
Trudeau is well aware that Germany may find itself in a very difficult situation on the background of under-supply by the “Nord Stream”, but the electorate in the form of the descendants of “those very” is much more important to him. So it is time for Ger Scholz to dry the oars and make a decision on opening a “second front” in the form of Nord Stream 2, which is exactly in the current situation waiting for its participation in this intriguing event.
While Germany continues to prepare for winter and natural gas prices update to new highs, global stock markets are reaching the finish line of the current weekend. The longest positive series of the S&P 500 index this year will depend on the results of statistical data from the labor market in the USA.