Hello readers,
Today, we delve into the latest buzz on Wall Street. Spotify's shares soared 12% after the company posted its second consecutive quarterly profit and made strides in expanding margins. Despite not being part of the S&P 500, Spotify's year-to-date gains would rank fourth on the index, trailing only Super Micro, Nvidia, and Vistra. Meanwhile, blue-chip earnings from Coca-Cola, General Motors, UPS, and others are in focus.
General Motors delivered a classic “beat and raise,” but its stock plummeted 6.4% after it delayed plans for an EV truck factory and a Buick electric vehicle. Home prices hit a new high in June for the second consecutive month, reflecting the housing market's unaffordability for many Americans. The national median existing-home price in June rose to $426,900, a record in data going back to 1999.
Stocks experienced fluctuations, with the Nasdaq closing unchanged, the S&P 500 falling 0.2%, and the Dow dropping 0.1%. However, the Russell 2000 stole the show, rising 1.2% as smaller stocks staged a rebound.
For more insights, read about Nuveen EQuilibrium's implications for a new investment landscape and how Spotify is keeping its profit tune humming. Additionally, discover why Ally Financial's synthetic credit-risk transfers are making waves in the financial world. Stay informed with brief updates on LVMH's profitability and General Motors' impact on Detroit's first-half boomlet.
That's all for today's market roundup. Stay tuned for more updates on Thermo Fisher Scientific, IBM, AT&T, Chipotle, and Ford Motor, which are among the companies reporting earnings on Wednesday.
Best regards,
Daniel Silva
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