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US stock markets notch third-straight weekly gain ahead of earnings season

US stock markets broke a losing streak on Friday with all three benchmarks finishing more than 1% higher.

The Dow Jones led the gains, up 1.3%, followed by the S&P 500, up 1.1% and the Nasdaq, up 1%.

The result was a third-straight weekly gain that benefitted from a selloff in bond markets which sent cyclicals higher.

Over the week it was positive across the board, with the S&P 500 and Nasdaq up 0.4%, hitting new records, and the Dow 0.2%.

The rally comes ahead of a reporting season that begins on Monday that is expected to be among the strongest in history.

Financials were the biggest beneficiaries with the likes of JP Morgan (NYSE: JPM) jumping 3.2% on the hope that higher bond yields will help boost profit margins.

Featured video: Modern Monetary Theory (MMT) explained

United Airlines jumps

United Airlines (NASDAQ: UAL) added 3.1% after confirming the group would add a further 150 flights to warm-weather destinations in the US, sparking hopes of a return to normal.

The delta variant of COVID-19 continues to place pressure on the economic recovery with outbreaks across the world reiterating the need for continued support.

Levi Strauss sales booming

Levi Strauss (NYSE: LEVI) reported a 156% increase in quarterly sales, despite some 17% of its stores being closed.

Digital sales climbed 75% and have now reached 23% of their total. Levi stock finished 1.4% higher on the news.

US stock market movers

Here’s how other popular US stocks closed out the week on Friday.

  • Snowflake (NYSE: SNOW) up 7.7%
  • Snapchat (NYSE: SNAP) up 6.2%
  • Airbnb (NASDAQ: ABNB) up 5.0%
  • Biogen (NASDAQ: BIIB) down 3.0%
  • Peloton (NASDAQ: PTON) down 5.0%
  • Virgin Galactic (NYSE: SPCE) down 6.6%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow the strong US lead and push higher at the open on Monday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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