S&P 500 jumps as big tech soaks up demand, shrugs off rising Treasury yields
Investing.com -- The S&P 500 rallied Monday, as big tech shrugged off an ongoing climb in yields as investors looked ahead to ongoing quarterly earnings.) was pressured by worries that sales of its iPhone 15 were lower in China in the earlier weeks after release, when compared to the iPhone 14, pointing to softer demand.
Sales of iPhone 15 fell by a double-digit percentage from its predecessor amid stiff competition from Huawei’s Mate 60 Pro, Jefferies said in a note.“We look upon the addition of shares to the major index as a potential catalyst for incremental interest and buying,” Oppenheimer said in a recent note.
Charles Schwab earnings comes ahead of the further quarterly results this week from the remaining three major Wall Street banks including Bank of America Corp was upgraded to Jefferies to buy from hold as the pharmaceutical giant’s plan to cut $3.5 billion costs is expected to bolster earnings. Its shares jumped 4%.
Pfizer on Friday cut its full-year guidance on earnings and revenue after warning of $5.5 billion in write downs in Q3 related to lower-than-expected sales of its COVID-19 vaccine and treatment. Covid vaccine related sales of about $1.6 billion made up less than 15% of Pfizer’s overall $12.73 billion revenue reported in the second quarter.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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