Wall Street Rallies as Apple Soars; Trade Desk and Sweetgreen Tumble
The Nasdaq jumped 207.32 points (1%) to 21,450.02, the S&P 500 advanced 49.45 points (0.8%) to 6,389.45 and the Dow climbed 206.97 points (0.5%) to 44,175.61.
Wall Street rallied as investors brushed aside worries over the economic effects of President Donald Trumps new tariffs on multiple U.S. trading partners. Apple (AAPL) led the gains, soaring 4.2% to its highest close in five months. The surge followed Apples announcement to invest approximately 600 billion USD in the U.S. over the next four years. Legal Zooms shares skyrocketed by 31% after Bank of America upgraded its rating on the online legal technology and services company's stock to Buy from Underperform.
Computer hardware stocks turned in some of the market's best performances on the day, with the NYSE Arca Computer Hardware Index climbing by 1.4%. Banking stocks emerged significantly strong, as reflected by the 1.2% gain posted by the KBW Bank Index. Oil service, brokerage and networking stocks saw notable strength while commercial real estate stocks moved to the downside. Trip Advisors (TRIP) shares too spiked by 11.7% after reporting second quarter earnings that exceeded analyst estimates.
TradeDesk (TTD)s shares plummeted by 38.6% after several Wall Street firms downgraded the company's stock despite its strong second quarter earnings. Salad chain Sweetgreen (SG) plunged by 23.1% after reporting weaker than expected second quarter results and slashing its full-year revenue guidance.
Asia-Pacific stocks moved mostly lower. Hong Kong's Hang Seng Index slid by 0.9% and China's Shanghai Composite Index edged down by 0.1%, although Japan's Nikkei 225 Index bucked the downtrend and surged by 1.9%. The major European markets turned in a mixed performance on the day while the French CAC 40 Index rose by 0.4%, the German DAX Index and the U.K.'s FTSE 100 Index both slipped by 0.1%.
In the bond market, treasuries extended the downward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year note which moves opposite of its price climbed 4.1 bps to 4.28%.
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