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U.S. stocks traded slightly higher this morning, with the Dow Jones gaining around 20 points on Monday.
Following the market opening Monday, the Dow traded up 0.06% to 35,479.64 while the NASDAQ rose 0.10% to 14,330.62. The S&P 500, also rose, gaining, 0.07% to 4,585.61.
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ON Semiconductor Corporation (NASDAQ:ON) reported upbeat second-quarter results.
ON Semiconductor posted quarterly earnings of $1.33 per share, beating market expectations of $1.21 per share. The company’s quarterly sales came in at $2.09 billion versus estimates of $2.02 billion.
onsemi said it sees third-quarter adjusted earnings of $1.27 to $1.41 per share, versus estimates of $1.21 per share. The company expects revenue of $2.095 billion to $2.195 billion versus expectations of $2.07 billion.
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In commodity news, oil traded up 1% to $81.36 while gold traded down 0.2% at $1,956.20.
Silver traded down 0.2% to $24.445 on Monday while copper rose 0.1% to $3.9270.
European shares were mixed today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index slipped 0.1% The German DAX gained 0.1% French CAC 40 rose 0.5% and Italy’s FTSE MIB Index gained 0.5%.
The services confidence indicator in the Eurozone fell for a third straight month to a reading of 5.7 in July, while industry confidence indicator fell for a sixth consecutive month to -9.4 in July. The consumer confidence indicator in the Eurozone increased by 1 point to -15.1 in July, while economic sentiment indicator fell for a third month in a row to 94.5.
The Eurozone economy expanded by 0.3% in the second quarter, topping market expectations for a 0.2% growth. Annual inflation rate in the Eurozone eased for a third straight month to 5.3% in July from 5.5% in June.
The annual inflation rate in Italy slowed to 6% in July from 6.4% in the prior month, while GDP shrank by 0.3% quarter-on-quarter during the second quarter. Retail sales in Germany fell by 0.8% month-over-month in June, while import prices fell 11.4% year-over-year in June.
Net approvals for house purchases in the UK rose to 54.7 thousand in June from 51.1 thousand recorded in the prior month, while consumer credit increased by £1.661 billion in June.
Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 1.26%, China’s Shanghai Composite Index gaining 0.46% and Hong Kong’s Hang Seng Index rising 0.82%. India’s S&P BSE Sensex, meanwhile, rose 0.6%.
Hong Kong’s economy grew 1.5% year-over-year in the second quarter following a revised 2.9% expansion in the prior period. Retail sales in Japan jumped 5.9% year-over-year in June, while industrial production rose by 2.0% month-over-month in June.
The Chicago Business Barometer rose to 42.8 in July from 41.5 points in June, down from market estimates of 43.3.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,511,120 cases with around 1,169,790 deaths. India confirmed a total of at least 44,995,580 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,525,750 cases of COVID-19 worldwide with more than 6,903,450 deaths.