Market News & Analysis

Equity Brief: Indices Hit Record Highs Ahead of Big Bank Earnings

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Headlines

  • US indices closed higher, with the Dow Jones, S&P 500, and Nasdaq 100 indices all closing at record highs.
  • Industrial stocks (XLI) were the strongest sector for the second straight day, while Health Care (XLV) brought up the rear. Earnings season kicks off in earnest next week, with the megabanks in focus.
  • US Treasury Secretary Mnuchin declared that the US may hit its debt ceiling before Congress returns from summer recess. This potential headwind will be more and more important as we approach the end of the month.
  • Stocks on the move:
    • Genetics company Illumina (ILMN) dropped 16% after cutting revenue guidance by $50MM.
    • Milacron (MCRN) surged 26% on news that it would be acquired by Hillendbrand (HI) for $2B. HI dropped 12% on the day.


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