Live Updates: COVID-19 Cases
  • World 21,092,417
    Confirmed: 21,092,417
    Active: 6,390,150
    Recovered: 13,944,529
    Death: 757,738
  • USA 5,415,977
    Confirmed: 5,415,977
    Active: 2,401,916
    Recovered: 2,843,642
    Death: 170,419
  • Brazil 3,229,621
    Confirmed: 3,229,621
    Active: 767,417
    Recovered: 2,356,640
    Death: 105,564
  • India 2,464,316
    Confirmed: 2,464,316
    Active: 663,310
    Recovered: 1,752,829
    Death: 48,177
  • Russia 912,823
    Confirmed: 912,823
    Active: 174,361
    Recovered: 722,964
    Death: 15,498
  • South Africa 572,865
    South Africa
    Confirmed: 572,865
    Active: 123,978
    Recovered: 437,617
    Death: 11,270
  • Peru 507,996
    Confirmed: 507,996
    Active: 134,342
    Recovered: 348,006
    Death: 25,648
  • Mexico 505,751
    Confirmed: 505,751
    Active: 108,951
    Recovered: 341,507
    Death: 55,293
  • Chile 380,034
    Confirmed: 380,034
    Active: 16,604
    Recovered: 353,131
    Death: 10,299
  • Spain 355,856
    Confirmed: 355,856
    Active: 327,251
    Recovered: ?
    Death: 28,605
  • Iran 336,324
    Confirmed: 336,324
    Active: 25,104
    Recovered: 292,058
    Death: 19,162
  • UK 313,798
    Confirmed: 313,798
    Active: 272,451
    Recovered: ?
    Death: 41,347
  • Saudi Arabia 294,519
    Saudi Arabia
    Confirmed: 294,519
    Active: 30,823
    Recovered: 260,393
    Death: 3,303
  • Pakistan 287,300
    Confirmed: 287,300
    Active: 15,932
    Recovered: 265,215
    Death: 6,153
  • Bangladesh 269,115
    Confirmed: 269,115
    Active: 110,687
    Recovered: 154,871
    Death: 3,557
  • Italy 252,235
    Confirmed: 252,235
    Active: 14,081
    Recovered: 202,923
    Death: 35,231
  • Turkey 245,635
    Confirmed: 245,635
    Active: 11,666
    Recovered: 228,057
    Death: 5,912
  • Germany 222,269
    Confirmed: 222,269
    Active: 12,188
    Recovered: 200,800
    Death: 9,281
  • France 209,365
    Confirmed: 209,365
    Active: 95,505
    Recovered: 83,472
    Death: 30,388
  • Canada 121,234
    Confirmed: 121,234
    Active: 4,666
    Recovered: 107,553
    Death: 9,015
  • China 84,786
    Confirmed: 84,786
    Active: 690
    Recovered: 79,462
    Death: 4,634
  • Netherlands 61,204
    Confirmed: 61,204
    Active: 55,039
    Recovered: ?
    Death: 6,165
  • Australia 22,743
    Confirmed: 22,743
    Active: 9,018
    Recovered: 13,350
    Death: 375
  • S. Korea 14,873
    S. Korea
    Confirmed: 14,873
    Active: 705
    Recovered: 13,863
    Death: 305
  • New Zealand 1,602
    New Zealand
    Confirmed: 1,602
    Active: 49
    Recovered: 1,531
    Death: 22

Worldwide stocks are rising as CEOs prepare latest report cards

Author at TechGenyz Business
CEOs With Donald Trump
Creator: TIMOTHY A. CLARY | Credit: AFP/Getty Images

Wall Street is rising in Monday morning trading as CEOs across the country prepare to tell their investors how much money they made or lost, in the spring as the coronavirus pandemic pounded the economy.

The S&P 500 was 1.1% higher after the first hour of trading, following up on similar gains across Europe and Asia. Treasury yields also climbed, though some hesitance still hungover markets as the price of gold ticked higher.

The Dow Jones Industrial Average was up 337 points, or 1.3%, at 26,413, as of 10:30 a.m. Eastern time, and the Nasdaq composite was up 1.5%.

PepsiCo added 1.9% after it reported a bigger profit for the latest quarter than analysts expected. But the company behind Frito-Lay and SodaStream also said the future looks so uncertain given the coronavirus pandemic that it won’t offer any predictions about its sales and profits for the rest of the year.

Earnings reporting season will really get going Tuesday, when several of the country’s biggest banks report their results, headlined by JPMorgan Chase. Across the S&P 500, expectations are almost universally dismal.

Analysts say the biggest U.S. companies likely saw their earnings per share plummet nearly 45% from April through June, compared with year-ago levels. That would be the sharpest loss since the depths of the Great Recession in 2008, according to FactSet.

Investors, though, largely seem willing to give a mulligan for terrible results in the latest quarter and perhaps even a couple more.

We and many investors expect the coronavirus-induced collapse in profits will be concentrated in 2020, Goldman Sachs strategists wrote in a report.

Instead, investors are focusing on a hopeful return to profit growth in 2021 and beyond. The hope is that the economy and corporate profits bottomed out in the spring when lockdowns were at their height and will continue to improve as governments have relaxed restrictions.

The job market, retail sales and other measures of the economy have already been showing some budding improvement.

Of course, all the optimism is colliding with fears that the recovery could be short-lived. Coronavirus counts are jumping across global hot spots.

Florida and other hard-hit states in the U.S. Sun Belt have been in the spotlight in particular, with the stock market often jerking suddenly lower following announcements of rising numbers of known infections and deaths.

If states continue to bring back restrictions on their economies to slow the resurgence, it could choke off the fragile economic improvements just as they got underway.

Such concerns have helped the price of gold recently vault to its highest level since September 2011. Gold added 8.60 to 1,810.50 per ounce in Monday morning trading.

Another measure of nervousness in the market also ticked higher. The VIX, which shows how much volatility traders expect from the S&P 500 in upcoming weeks, rose by 1.7%.

Stocks nevertheless mostly climbed on Monday, with Maxim Integrated Products surging 10.8% for the biggest gain in the S&P 500. Semiconductor maker Analog Devices said it will buy the company in an all-stock deal that values the combined company at more than 68 billion.

The gains add to the S&P 500’s 1.8% climb last week. It has pulled back within 5% of its record, which was set in February, after being down nearly 34% in late March. The market has been stuck in a mostly up-and-down churn since early June, though, when it got within 4.5% of its record.

Even though reports on the economy since early June have painted more improvements, worries are still high that the stock market has roared back to nearly record levels so much faster than corporate profits or the economy are expected to.

Many economists and analysts say it could take years for that to happen, and the recent resurgence in coronavirus counts puts even that timetable in jepoardy.

Stocks elsewhere around the world also climbed Monday.

In Europe, France’s CAC 40 rose 1.3%, and Germany’s DAX returned 1%. The FTSE 100 in London climbed 1.2%.

Japan’s benchmark Nikkei 225 climbed 2.2%, South Korea’s Kospi gained 1.7% and Hong Kong’s Hang Seng rose 0.2%. The Shanghai Composite rose 1.8%.

The yield on the 10-year Treasury rose to 0.65% from 0.63% late Friday. It tends to move with investors’ expectations for the economy and inflation.

Benchmark U.S. crude slipped 0.8% to 40.24 per barrel. Brent crude, the international standard, lost 0.8% to 42.90 per barrel.