North American markets mixed, Nasdaq extends gains

Andrew Cummings
July 10, 2020

The Nasdaq finished at another record on Wednesday (July 8) behind gains of large tech companies as investors continued to shrug off higher coronavirus cases and the hit to the economy.

The Canadian dollar was flat against its American counterpart to trade at 74.01 cents U.S.

A slate of economic data, including a record monthly payrolls addition, has pointed to a revival in business activity in June, fueling the US stock market's stimulus-driven rally.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks. The Nasdaq outpaced the other two major indexes, ending 1.4% higher, led by (AMZN.O), its fourth record closing high this month. Gold prices have gained more than 20 per cent since mid-March.

Quarterly earnings for S&P 500 companies are expected to decline almost 44% year-on-year, the steepest drop since the 2008 financial crisis, according to IBES data from Refinitiv.

At 10.05am ET, the Dow Jones Industrial Average was up 196.92 points, or 0.76%, at 26,087.10, the S&P 500 was up 23.65 points, or 0.75%, at 3,168.97, and the Nasdaq Composite was up 112.00 points, or 1.08%, at 10,455.89.

Carnival Corp jumped 10.2% after the cruise line operator said it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return. The S&P 500 opened higher by 0.42 points, or just 0.01%, at 3,152.47.

Netflix Inc rose 7.6% after Goldman Sachs hiked its price target on the video streaming service's shares.

Advancing issues outnumbered decliners by a 1.53-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. California, Hawaii, Idaho, Missouri, Montana, Oklahoma, and Texas shattered their previous daily record highs for new infections.

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