S&P sets record, oil tops $75 as second half kicks off
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U.S. equity markets battled higher Thursday and oil hit its highest level in almost three years as the second half of the year got underway.
The S&P 500 rallied 0.52%, booking a record high for the sixth straight session. The Dow Jones Industrial Average and the Nasdaq Composite, meanwhile, added 0.38% and 0.13%, respectively, and both ended within striking distance of their own all-time peaks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39403.86 | -27.65 | -0.07% |
| SP500 | S&P 500 | 5224.59 | +3.17 | +0.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16439.808214 | +51.57 | +0.31% |
JOBLESS CLAIMS TUMBLE TO PRE-PANDEMIC LOW
The quiet start to the second half comes as the S&P 500 has gained 14% so far this year while the Dow and Nasdaq have both gained 13%. The major averages have booked five straight quarters of gains.
In stocks, oil-related names like Chevron Corp., Occidental Petroleum Corp. and Halliburton Co. were in focus as West Texas Intermediate crude oil jumped $1.76 to $75.23 a barrel, the highest since October 2018, as investors awaited a decision on production from OPEC and its allies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 75.09 | -1.04 | -1.37% |
| CVX | CHEVRON CORP. | 164.53 | -1.29 | -0.78% |
| HAL | HALLIBURTON CO. | 37.45 | +0.12 | +0.31% |
OIL TRADERS WARY OF OPEC'S POSSIBLE PRODUCTION CUT
Krispy Kreme Inc. shares opened at $16.30 after the company priced its initial public offering at $17 on Wednesday evening. Shares ended the day up more than 20%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DNUT | KRISPY KREME | 12.00 | -0.32 | -2.60% |
Meanwhile, Micron Technology Inc. reported earnings and revenue that outpaced estimates. The chipmaker also announced plans to sell its Lehi, Utah, plant to Texas Instruments Inc. for $900 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MU | MICRON TECHNOLOGY INC. | 123.00 | +1.76 | +1.45% |
Walgreens Boots Alliance swung to a quarterly profit, boosted by a rebound in prescription volumes. The pharmacy chain raised its full-year profit growth forecast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 18.16 | +0.04 | +0.19% |
In deals, Philip Morris International Inc. will buy nicotine gum maker Fertin Pharma from private equity firm EQT for 5.1 billion Danish krone ($813.1 million). The deal comes as the cigarette maker continues its push into the smoke-free product category.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PM | PHILIP MORRIS INTERNATIONAL INC. | 99.29 | -0.37 | -0.37% |
| NIO | NIO INC. | 5.77 | +0.36 | +6.65% |
Elsewhere, Chinese electric vehicle maker Nio said quarterly deliveries more than doubled versus a year ago.
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Overseas markets were mixed.
In Europe, Britain’s FTSE 100 climbed 1.25% while France's CAC 40 and Germany's DAX 30 rose 0.71% and 0.47%, respectively.
Asian bourses all ended lower with Hong Kong’s Hang Seng index losing 0.57%, Japan’s Nikkei 225 declining 0.29% and China’s Shanghai Composite sliding 0.07%.