The S&P 500 rose for the fifth month in a row
US indices closed with slight gains in Monday’s session and strong gains in July, supported by the strong results achieved by companies, in addition to optimism that the US economy will achieve a “soft landing” after a long series of interest rate hikes.
Investors are also awaiting the results of important companies such as “Amazon” and “Apple” this week, in addition to US employment data.
The volume of trading on US stock exchanges reached 11.09 billion shares in the Monday session, compared to an average of 10.49 billion during the last 20 trading days.
The performance of the main US indices:
The Dow Jones rose by 0.28%, equivalent to about 100 points, in the Monday session, recording its highest close in 18 months.
Over the course of the month, the Dow Jones rose by 3.3% in July, posting its second consecutive monthly gain.
The S&P 500 index rose by 0.1% in Monday’s session, and by 3.1% in July, recording gains for the fifth consecutive month.
Refinitiv data through Friday showed that expectations for second-quarter earnings for S&P 500 companies would fall 6.4% year over year.
The Nasdaq Composite Index rose 0.2% in Monday’s session and 4.1% in July, recording gains for the fifth consecutive month.
Johnson & Johnson stock:
Johnson & Johnson shares fell by 4% in the Monday session, recording its largest daily loss in more than 3 years, as the company lost about $18 billion of its market value in one day.
The losses came after a US judge threw down the pharmaceutical company’s second attempt to resolve tens of thousands of lawsuits over its powder products.
Adobe stock
Adobe shares jumped more than 3% in Monday’s session to a 19-month high after Morgan Stanley upgraded the company’s rating to “overweight”.
