We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Major indexes closed in the green on Tuesday after China’s central bank stepped in to contain the fall in the Chinese currency. On Monday, stocks had taken a sharp drop after China let its currency fall to its lowest level in a decade. The move came as a precautionary measure after President Trump, on Aug 1, threatened to impose 10% tariffs from Sept 1 against an additional $300 billion of Chinese imports.
The Dow Jones Industrial Average climbed 1.2% to close at 26,029.52 on Aug 6. The broader S&P 500 and tech-laden Nasdaq Composite followed suit, rising 1.3% and 1.4% respectively. The former closed at 2,881.77 while the latter ended the day at 7,833.27. The fear-gauge CBOE Volatility Index (VIX) slumped 18% to close at 20.17. Lastly, advancers outnumbered decliners on the NYSE by a 1.20-to-1 ratio.
China’s Central Bank Sets Yuan’s Official Reference Point
Wall Street gained on Aug 6 after the People’s Bank of China stepped in to set the yuan’s official reference point at a level of 6.9683. The Asian country’s central bank did so to stop the Chinese currency from falling below its 7-to-1 ratio with the greenback.
China allowed yuan’s devaluation in a bid to cushion its domestic economy from losses suffered from the trade war. In particular, this move came after Trump said he would impose 10% tariffs on the rest of China’s imports to U.S., to be applicable from Sept 1.
Q2 Earnings Picture
In the corporate sector, The Walt Disney Company (DIS - Free Report) reported quarterly earnings of $1.35 per share, missing the Zacks Consensus Estimate of $1.76. Increased programming costs at ESPN and heavy investments in ESPN+ and upcoming streaming service Disney+ hurt the company’s profitability in its fiscal third-quarter. The media giant’s quarterly revenues of $20.25 billion also missed the Zacks Consensus Estimate by 6.61%. Disney carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Second-quarter earnings continue to come through and the overall picture looks good enough. To be specific, Finance and Consumer Staples sectors have yielded better-than-expected quarterly results. (Read more)
Yesterday, Diamondback Energy, Inc. (FANG - Free Report) reported second-quarter results, delivering a comprehensive miss. (Read more)
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Image: Bigstock
Stock Market News for Aug 07, 2019
Major indexes closed in the green on Tuesday after China’s central bank stepped in to contain the fall in the Chinese currency. On Monday, stocks had taken a sharp drop after China let its currency fall to its lowest level in a decade. The move came as a precautionary measure after President Trump, on Aug 1, threatened to impose 10% tariffs from Sept 1 against an additional $300 billion of Chinese imports.
The Dow Jones Industrial Average climbed 1.2% to close at 26,029.52 on Aug 6. The broader S&P 500 and tech-laden Nasdaq Composite followed suit, rising 1.3% and 1.4% respectively. The former closed at 2,881.77 while the latter ended the day at 7,833.27. The fear-gauge CBOE Volatility Index (VIX) slumped 18% to close at 20.17. Lastly, advancers outnumbered decliners on the NYSE by a 1.20-to-1 ratio.
China’s Central Bank Sets Yuan’s Official Reference Point
Wall Street gained on Aug 6 after the People’s Bank of China stepped in to set the yuan’s official reference point at a level of 6.9683. The Asian country’s central bank did so to stop the Chinese currency from falling below its 7-to-1 ratio with the greenback.
China allowed yuan’s devaluation in a bid to cushion its domestic economy from losses suffered from the trade war. In particular, this move came after Trump said he would impose 10% tariffs on the rest of China’s imports to U.S., to be applicable from Sept 1.
Q2 Earnings Picture
In the corporate sector, The Walt Disney Company (DIS - Free Report) reported quarterly earnings of $1.35 per share, missing the Zacks Consensus Estimate of $1.76. Increased programming costs at ESPN and heavy investments in ESPN+ and upcoming streaming service Disney+ hurt the company’s profitability in its fiscal third-quarter. The media giant’s quarterly revenues of $20.25 billion also missed the Zacks Consensus Estimate by 6.61%. Disney carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Second-quarter earnings continue to come through and the overall picture looks good enough. To be specific, Finance and Consumer Staples sectors have yielded better-than-expected quarterly results. (Read more)
Stocks That Made Headlines
Hertz Global Shares Up on Q2 Earnings & Revenues Beat
Hertz Global Holdings, Inc’s (HTZ - Free Report) second-quarter 2019 adjusted earnings (excluding 34 cents from non-recurring items) of 74 cents handsomely surpassed the Zacks Consensus Estimate of 22 cents. (Read more)
Diamondback's Q2 Earnings Miss on Weak Gas Prices
Yesterday, Diamondback Energy, Inc. (FANG - Free Report) reported second-quarter results, delivering a comprehensive miss. (Read more)
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>