The New York Stock Exchange started mixed on the 6th (local time). While news of Apple's large-scale investment expansion in the United States and positive earnings from some corporations supported investor sentiment, the Dow Jones Industrial Average continued to fluctuate within a narrow range.
As of 9:41 a.m. on that day, the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) was moving at 40,089.40, down 22.34 points (0.05%) from the previous session. In contrast, the Standard & Poor's (S&P) 500 index rose 8.28 points (0.13%) to 6,307.47, while the Nasdaq index was up 31.32 points (0.15%) at 20,947.87.
According to White House officials, Apple plans to invest an additional $100 billion in manufacturing facilities in the United States over the next four years. This is expected to bring Apple's total investment in the U.S. to $600 billion. Following the news of the investment expansion, Apple's stock rose by 3% during trading.
Corporations' earnings are also driving the market. McDonald's second-quarter results exceeded market expectations, and comparable-store sales increased by the largest margin in the past two years, causing its stock to rise by 2%. Network equipment company Arista Networks saw its stock surge by 16% during trading, thanks to better-than-expected earnings.
On the other hand, Snap's stock plummeted by 19% as its sales fell short of market expectations. Advanced Micro Devices (AMD) also saw its earnings per share (EPS) miss the consensus, dropping its stock by 5%.
This rising trend is interpreted as a partial reversal of the recent market correction. The S&P 500 index has fallen on five out of the last six trading days, while the Dow has dropped on six out of the last seven trading days, leading to weakened investor sentiment.
By sector, mixed trends are emerging. Energy is up 1.1%, while consumer staples and technology are up 0.6%, in contrast to healthcare, which is down 1.1%, and industrials, which are down 0.5%.
By individual stocks, Disney reported overall strong performance last quarter, but underperformance in its movie and TV institutional sector has led to a 3% drop in its stock. Electric vehicle manufacturer Rivian is also down 0.8% after recording an earnings miss in the second quarter.
European stocks are slightly rising. The Euro Stoxx 50 index is up 0.16%. Germany's DAX index is up 0.03%, the UK's FTSE index is up 0.26%, and France's CAC 40 index is up 0.12%.
International oil prices are rebounding. As of 9:46 a.m. on that day, the price of West Texas Intermediate (WTI) crude oil for September delivery, the near-month contract, is up 1.83% from the previous session at $66.35 per barrel, while the price of Brent crude for October delivery, the global benchmark, is up 1.73% at $68.81 per barrel.