Stocks fight for 3rd straight week of gains

Should investors buy or sell stocks in today’s market?

Money Map Press Chief Investment Strategist Shah Gilani discusses his outlook for the markets.

U.S. equity markets opened higher Friday amid a quiet trading session heading into a summer weekend.

Continue Reading Below

The Dow Jones Industrial Average gained 39 points, or 0.15 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 0.26 percent and 0.3 percent, respectively.

The early advance puts both the Dow and the S&P on their way to a third straight week of gains while the tech-heavy Nasdaq is currently on pace to snap its weekly winning streak at two.

Looking at stocks, Netflix reported second-quarter earnings that fell short of Wall Street estimates and forecast weak subscriber growth for the upcoming quarter. The streaming giant also elevated Chief Content Officer Ted Sarandos to the role of co-CEO.

BlackRock raked in $100 billion of assets last quarter as its fixed-income exchange-traded funds and active stock strategies businesses saw record inflows. The world's largest wealth manager had $7.32 trillion in assets under management at the end of June.

Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. were in focus after the Centers for Disease Control and Prevention announced just before Thursday’s closing bell that its no-sail order would be extended from July 24 to at least September 30.

United Airlines reached a deal with its pilots union to limit the number of involuntary furloughs which will allow for early retirement for those aged 62 and older and different options for reducing hours.

Looking at commodities, West Texas Intermediate crude oil fell 23 cents to $40.52 a barrel while gold gained $8.70 to $1,809 an ounce.

U.S. Treasurys ticked higher, pushing the yield on the 10-year note down by 1.3 basis points to 0.599 percent.


In Europe, Britain’s FTSE rose 0.46 percent, Germany’s DAX gained 0.28 percent and France’s CAC fell 0.31 percent.

Asian markets finished mixed, with Hong Kong’s Hang Seng climbing 0.47 percent, China’s Shanghai Composite adding 0.12 percent and Japan’s Nikkei sliding 0.32 percent.

Source: Read Full Article