Key Takeaways
- The S&P 500 index achieved a record high closing value of 5,666.86 points on July 16, 2024, marking its 35th record high of the year.
- The Dow Jones Industrial Average surged by 1.13% or 464.92 points to close at 41,603.10 on July 16, 2024.
- NASDAQ Composite index increased by 0.94% to 18,737.21 on July 16, 2024, driven by tech sector gains.
- Apple Inc. (AAPL) stock price reached $237.49 on July 16, 2024, up 0.8% daily.
- NVIDIA (NVDA) shares surged 150% YTD as of July 2024, driven by AI demand.
- Microsoft (MSFT) quarterly revenue grew 15% YoY to $64.7 billion in Q3 FY2024.
- Pfizer (PFE) revenue declined 43% to $13.8 billion in Q2 2024 due to COVID product drop-off.
- Johnson & Johnson (JNJ) sales grew 4.3% operationally to $22.4 billion in Q2 2024.
- Eli Lilly (LLY) Mounjaro sales hit $2.2 billion in Q2 2024, up 107% YoY.
- ExxonMobil (XOM) Q2 2024 earnings were $9.2 billion, up from $8.3 billion YoY.
- Chevron (CVX) produced 3.3 million barrels of oil equivalent per day in Q2 2024.
- ConocoPhillips (COP) Permian basin output averaged 707 MBOED in Q2 2024.
- JPMorgan Chase (JPM) Q2 2024 net interest income was $23.1 billion.
- Bank of America (BAC) provisions for credit losses totaled $1.5 billion in Q2 2024.
- Wells Fargo (WFC) CET1 capital ratio stood at 11.3% as of Q2 2024.
Major stock indexes reached new record highs as strong corporate earnings drove optimism.
Energy Sector
- ExxonMobil (XOM) Q2 2024 earnings were $9.2 billion, up from $8.3 billion YoY.
- Chevron (CVX) produced 3.3 million barrels of oil equivalent per day in Q2 2024.
- ConocoPhillips (COP) Permian basin output averaged 707 MBOED in Q2 2024.
- Occidental Petroleum (OXY) Q2 2024 production hit 1.26 MMBOE/d.
- EOG Resources (EOG) crude oil realizations averaged $78.42 per barrel in Q2 2024.
- Schlumberger (SLB) revenue grew 9% YoY to $9.1 billion in Q2 2024.
- Baker Hughes (BKR) orders reached $8.0 billion in Q2 2024.
- Halliburton (HAL) North America revenue up 5% to $5.7 billion TTM.
- Kinder Morgan (KMI) adjusted EBITDA was $2.1 billion in Q2 2024.
- Williams Companies (WMB) transported 17.3 Bcf/d of natural gas in Q2 2024.
- ONEOK (OKE) gathered 2,794 MMcf/d of natural gas in Q2 2024.
- Cheniere Energy (LNG) produced 252 TBtu of LNG in Q2 2024.
- ExxonMobil Permian production 1.4 MMBOE/d Q2 2024.
- Chevron Guyana production averaged 380 MBbl/d Q2 2024.
Energy Sector Interpretation
Finance Sector
- JPMorgan Chase (JPM) Q2 2024 net interest income was $23.1 billion.
- Bank of America (BAC) provisions for credit losses totaled $1.5 billion in Q2 2024.
- Wells Fargo (WFC) CET1 capital ratio stood at 11.3% as of Q2 2024.
- Citigroup (C) revenues fell 3% to $20.1 billion in Q2 2024.
- Goldman Sachs (GS) investment banking fees rose 31% to $1.3 billion in Q2 2024.
- Morgan Stanley (MS) wealth management net new assets were $44 billion in Q2 2024.
- BlackRock (BLK) AUM reached $10.6 trillion as of June 30, 2024.
- Visa (V) payments volume grew 10% to $4.0 trillion in Q3 FY2024.
- Mastercard (MA) gross dollar volume increased 11% to $2.5 trillion in Q2 2024.
- S&P Global (SPGI) revenue up 12% to $3.6 billion in Q2 2024.
Finance Sector Interpretation
Healthcare Sector
- Pfizer (PFE) revenue declined 43% to $13.8 billion in Q2 2024 due to COVID product drop-off.
- Johnson & Johnson (JNJ) sales grew 4.3% operationally to $22.4 billion in Q2 2024.
- Eli Lilly (LLY) Mounjaro sales hit $2.2 billion in Q2 2024, up 107% YoY.
- Novo Nordisk (NVO) Ozempic sales reached DKK 30.6 billion in H1 2024.
- Merck (MRK) Keytruda sales grew 18% to $7.2 billion in Q2 2024.
- AbbVie (ABBV) Humira U.S. net revenues fell 37% to $2.3 billion in Q2 2024.
- Amgen (AMGN) quarterly revenue up 20% to $8.4 billion in Q2 2024.
- Bristol Myers Squibb (BMY) Opdivo sales increased 9% to $2.3 billion in Q2 2024.
- UnitedHealth Group (UNH) medical loss ratio was 84.8% in Q2 2024.
- CVS Health (CVS) adjusted EPS was $2.05, down from $2.21 YoY in Q2 2024.
- Gilead Sciences (GILD) HIV sales totaled $4.2 billion in Q2 2024.
- Moderna (MRNA) cash reserves stood at $9.2 billion as of Q2 2024 end.
- Regeneron (REGN) Eylea sales were $1.5 billion in Q2 2024.
- Biogen (BIIB) Q2 2024 revenue was $2.4 billion, flat YoY.
- Pfizer non-COVID revenue grew 7% operationally to $12.7 billion Q2 2024.
- JNJ innovative medicine sales up 5.4% to $13.8 billion Q2 2024.
- Lilly Zepbound sales were $1.0 billion in Q2 2024 launch quarter.
- Novo Nordisk Wegovy sales DKK 14.3 billion in H1 2024.
- Merck Gardasil sales up 16% to $2.0 billion Q2 2024.
- AbbVie Skyrizi sales grew 46% to $2.8 billion Q2 2024.
- Amgen Tepezza sales $563 million Q2 2024.
- BMY Eliquis sales $3.8 billion up 9% Q2 2024.
- UNH membership totaled 49.3 million at Q2 2024 end.
- CVS Health same-store sales up 6.5% Q2 2024.
Healthcare Sector Interpretation
Tech Sector
- Apple Inc. (AAPL) stock price reached $237.49 on July 16, 2024, up 0.8% daily.
- NVIDIA (NVDA) shares surged 150% YTD as of July 2024, driven by AI demand.
- Microsoft (MSFT) quarterly revenue grew 15% YoY to $64.7 billion in Q3 FY2024.
- Amazon.com (AMZN) AWS cloud revenue increased 17% YoY to $25.0 billion in Q2 2024.
- Alphabet (GOOGL) ad revenue hit $64.6 billion in Q2 2024, up 11% YoY.
- Meta Platforms (META) daily active users reached 3.27 billion in Q2 2024.
- Tesla (TSLA) delivered 443,956 vehicles in Q2 2024, down 5% YoY.
- Broadcom (AVGO) AI revenue doubled to $3.1 billion in Q2 FY2024.
- AMD (AMD) data center revenue grew 115% YoY to $2.8 billion in Q2 2024.
- Salesforce (CRM) subscription revenue rose 10% to $9.3 billion in Q1 FY2025.
- Netflix (NFLX) added 8.05 million subscribers in Q2 2024, total 278 million.
- Oracle (ORCL) cloud infrastructure revenue up 42% to $2.7 billion in Q4 FY2024.
- Adobe (ADBE) annual recurring revenue reached $20.9 billion, up 11% YoY.
- Intel (INTC) foundry business revenue was $4.5 billion in Q2 2024.
- Cisco (CSCO) subscription revenue grew 18% YoY to $28.1 billion TTM.
- Apple (AAPL) free cash flow was $28.2 billion in Q2 FY2024.
- NVIDIA market cap surpassed $3.3 trillion on July 10, 2024.
- Microsoft Azure revenue grew 31% YoY in Q3 FY2024.
- Amazon Prime Day 2024 generated over $14 billion in sales.
- Alphabet YouTube ad revenue was $8.9 billion in Q2 2024.
- Meta Reality Labs revenue doubled to $275 million in Q2 2024.
- Tesla energy storage deployments hit 9.4 GWh in Q2 2024.
- Broadcom VMware revenue contributed $3.0 billion in Q2 FY2024.
- AMD client segment revenue fell 48% to $1.0 billion in Q2 2024.
- Salesforce Einstein AI usage grew 3x YoY in Q1 FY2025.
- Netflix ad-tier subscribers tripled to 40 million in Q2 2024.
- Oracle total cloud services revenue up 20% to $6.7 billion.
Tech Sector Interpretation
US Indices
- The S&P 500 index achieved a record high closing value of 5,666.86 points on July 16, 2024, marking its 35th record high of the year.
- The Dow Jones Industrial Average surged by 1.13% or 464.92 points to close at 41,603.10 on July 16, 2024.
- NASDAQ Composite index increased by 0.94% to 18,737.21 on July 16, 2024, driven by tech sector gains.
- The VIX volatility index dropped to 12.46 on July 16, 2024, indicating low market fear levels.
- S&P 500's price-to-earnings ratio stood at 27.8 as of July 2024, above its 10-year average of 21.5.
- Dow Jones dividend yield averaged 1.85% over the past 12 months ending June 2024.
- NASDAQ 100 index returned 18.4% year-to-date as of mid-July 2024.
- Russell 2000 small-cap index underperformed with a YTD return of 5.2% as of July 2024.
- S&P 500 trading volume reached 4.2 billion shares on July 11, 2024, highest in three months.
- Dow Jones hit an intraday high of 41,872.43 on July 17, 2024.
- NASDAQ's average P/E ratio for constituents was 32.1 in Q2 2024.
- S&P 500's market cap exceeded $45 trillion for the first time in July 2024.
- Dow Jones components had an average beta of 0.98 in 2024.
- VIX term structure showed contango with front-month at 12.5 and 3-month at 14.2 on July 2024.
- S&P 500 equal-weight index returned 7.8% YTD vs. 15.2% for cap-weight as of July 2024.
- The average P/E ratio for S&P 500 tech sector stocks was 35.2 as of July 2024.
- Dow Jones Industrial Average's 52-week high was 42,063.04 reached on July 11, 2024.
- NASDAQ Composite's beta against S&P 500 is 1.15 over the past year.
- S&P 500 dividend yield was 1.28% as of July 2024.
- VIX futures curve steepened with August contract at 13.2 on July 2024.
- Russell 1000 growth index outperformed value by 12% YTD July 2024.
US Indices Interpretation
Sources & References
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