Afternoon Market Update (QCOM, MSFT, AAPL, ORCL, DELL, STI, JNS, KEY, FITB, BBT)
US tech stocks moved up, with Qualcomm Inc (NASDAQ: QCOM) leading the sector. QCOM moved up about 8% after reporting healthy results for the latest quarter. Microsoft Corp (NASDAQ: MSFT) is also gaining as the company is set to post its quarterly results after the closing bell today. Other stocks that are rising in the sector are Apple Inc (NASDAQ: AAPL), Oracle Corp (NASDAQ: ORCL) and Dell Inc (NASDAQ: DELL). The NASDAQ Composite Index was up by more than 2.5%.
SunTrust Banks Inc (NYSE: STI) and regional banks are among the top performers in the financial sector as they reported their quarterly earnings today. Some of the stocks that rose in the list are Janus Capital Group Inc (NYSE: JNS), KeyCorp (NYSE: KEY) and Fifth Third Bancorp (NASDAQ: FITB). BB&T Corp (NYSE: BBT) declined in the sector. The Financial Select Sector SPDR (XLF) moved up more than 2%.
Treasury prices and the US dollar have widened their losses after a report showed a 5.1% decline in the US sales of existing homes in the month of June. The fall in sales was less-than-expected. Yields on 10-year notes moved up more than 1.5%, while the dollar index (DXY) lost more than 1%.
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