US close: Stocks higher as Dow breaks six-day losing streak

Wall Street trading took a positive turn by the close on Tuesday with all three major indices in the green, and the Dow ending its six-day losing streak, buoyed by promising economic data.

The Dow Jones Industrial Average increased 0.63% to finish at 33,926.74, while the broader S&P 500 experienced an increase of 1.15% to close at 4,378.41.

Leading the pack was the Nasdaq Composite, with a gain of 1.65% to end the trading day at 13,555.67.

In the forex market, the dollar was largely steady, and was last down 0.01% on sterling to trade at 78.43p.

Against the euro, the greenback remained unchanged at 91.24 euro cents, while it dipped 0.01% on the yen to change hands at JPY 144.06.

“Better-than-expected Canadian CPI and solid US durable goods orders, although helping US indices stabilise, couldn't do the same for most of their European counterparts which ended the day yet again in the red,” said IG chief market analyst Axel Rudolph earlier.

“The slow decline in equities seen since last week's highs is happening while volatility as measured by the CBOE VIX is tumbling back towards pre-Covid-19 levels, indicating that investors aren't at all worried about the slide.”

Durable goods orders surge while consumer confidence improves

In economic news, May proved to be a robust month as orders for durable goods - items meant to last more than three years - saw a considerable surge.

Contrary to economists' expectations for a 1.0% drop, the month saw a 1.7% rise, pushing the total to $288.2bn according to the US Department of Commerce.

The reported increase for April was also revised slightly upwards to 1.2%.

The growth was put down to a spike in civilian jet orders, which propelled by 32.5% to reach $21.78bn.

However, not all sectors experienced the same upswing, with orders for defence aircraft and parts experienced a sharp drop of 35.4% to $4.98bn.

Even with transportation taken out of the equation, orders were up by 0.65%, and removing defence orders from the tally resulted in an even higher increase of 3.0%.

Other categories contributing to this strength included machinery, which saw a 1% rise in orders; motor vehicles and parts, which grew by 2.2%; and electrical equipment, which recorded a 1.7% increase.

Furthermore, orders for capital goods, excluding aircraft and defence, increased by 0.7%.

The good economic news was not confined to durable goods, as consumer confidence saw a noticeable improvement in June, led by younger Americans expressing less concern about an impending recession.

The Conference Board's consumer confidence index climbed from 102.5 in May to 109.7, surpassing consensus forecasts of 103.5.

Both present situation and future expectation metrics displayed a positive trend, with the former rising from 148.9 to 155.3, and the latter from 71.5 to 79.3.

Walgreens falls, Ford motors ahead on mixed day for equities

In equities, Walgreens Boots Alliance suffered a sharp 9.34% fall after the retail pharmacy chain reported weaker than anticipated quarterly profits and adjusted its full-year outlook downwards.

Lordstown Motors, an electric vehicle manufacturer, saw its shares plunge even deeper, falling by a hefty 17.18% as the beleaguered company filed for bankruptcy protection.

On the upside, Circor International's shares saw an impressive surge of 7.45% after the company agreed to be acquired by global investment firm KKR in an enhanced $1.7bn deal.

In the technology sector, 3D printer company Stratasys enjoyed a robust 6.22% increase, following an upgraded cash-and-share bid from competitor 3D Systems.

Finally, Ford Motor Company was also in the green, managing gains of 2.13%.

The movement followed a report from the Wall Street Journal that the carmaker was planning to implement at least 1,000 layoffs in North America, possibly as part of a broader restructuring strategy.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Intel Corp. (INTC) $34.10 2.28%
Home Depot Inc. (HD) $313.74 1.90%
Boeing Co. (BA) $209.43 1.87%
Microsoft Corp. (MSFT) $334.57 1.82%
Nike Inc. (NKE) $113.61 1.67%
Caterpillar Inc. (CAT) $240.68 1.58%
Apple Inc. (AAPL) $188.06 1.51%
Cisco Systems Inc. (CSCO) $50.86 1.29%
Verizon Communications Inc. (VZ) $36.55 1.22%
Dow Chemical Co. (DOW) $52.56 1.19%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $28.64 -9.34%
3M Co. (MMM) $98.26 -2.14%
Amgen Inc. (AMGN) $222.61 -0.94%
Walmart Inc. (WMT) $154.59 -0.36%
Chevron Corp. (CVX) $153.66 -0.31%
Coca-Cola Co. (KO) $61.13 -0.21%
Johnson & Johnson (JNJ) $163.34 -0.21%
Dowdupont Inc. (DWDP) $0.00 0.00%
JP Morgan Chase & Co. (JPM) $139.21 0.01%
Travelers Company Inc. (TRV) $172.65 0.12%

S&P 500 - Risers

Sl Green Realty Corp. (SLG) $30.72 8.94%
Carnival Corp. (CCL) $15.89 8.84%
Delta Airlines Inc. (DAL) $46.09 6.84%
Vornado Realty Trust (VNO) $17.47 5.82%
Dish Network Corp. (DISH) $6.37 5.81%
Nordstrom Inc. (JWN) $19.30 5.75%
Norwegian Cruise Line Holdings Ltd (NCLH) $19.59 5.72%
American Airlines Group (AAL) $17.35 5.54%
Hanesbrands Inc. (HBI) $4.53 5.34%
United Airlines Holdings Inc (UAL) $56.03 5.08%

S&P 500 - Fallers

Fiserv Inc. (FI) $0.00 -100.00%
Walgreens Boots Alliance, Inc. (WBA) $28.64 -9.34%
Regeneron Pharmaceuticals Inc. (REGN) $716.09 -8.71%
Illumina Inc. (ILMN) $183.46 -4.39%
Nektar Therapeutics (NKTR) $0.58 -3.33%
Thermo Fisher Scientific Inc. (TMO) $509.62 -2.38%
3M Co. (MMM) $98.26 -2.14%
Incyte Corp. (INCY) $61.68 -2.00%
AbbVie Inc (ABBV) $132.85 -1.74%
Danaher Corp. (DHR) $233.41 -1.72%

Nasdaq 100 - Risers

Dish Network Corp. (DISH) $6.37 5.81%
American Airlines Group (AAL) $17.35 5.54%
Charter Communications Inc. (CHTR) $353.84 5.03%
Applied Materials Inc. (AMAT) $146.55 4.83%
Microchip Technology Inc. (MCHP) $86.78 4.76%
NetEase Inc. Ads (NTES) $96.84 4.69%
Lam Research Corp. (LRCX) $649.16 4.65%
Sirius XM Holdings Inc (SIRI) $4.09 4.60%
Texas Instruments Inc (TXN) $176.31 4.48%
KLA-Tencor Corp. (KLAC) $476.93 4.01%

Nasdaq 100 - Fallers

Fiserv Inc. (FI) $0.00 -100.00%
Walgreens Boots Alliance, Inc. (WBA) $28.64 -9.34%
Regeneron Pharmaceuticals Inc. (REGN) $716.09 -8.71%
Illumina Inc. (ILMN) $183.46 -4.39%
Incyte Corp. (INCY) $61.68 -2.00%
Amgen Inc. (AMGN) $222.61 -0.94%
Gilead Sciences Inc. (GILD) $76.00 -0.73%
Biomarin Pharmaceutical Inc. (BMRN) $91.73 -0.61%
Paypal Holdings Inc (PYPL) $66.23 -0.32%
Hologic Inc. (HOLX) $80.82 -0.31%