Stock Market Surges Midday on July 17, 2023: Solar Stocks Soar, AT&T Hits 30-Year Low
On July 17, 2023, U.S. stock markets climbed midday as investors anticipate a pivotal week of earnings reports. Solar companies gained momentum while telecom giants faced setbacks.
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Highlights
- U.S. equities showed gains midday on July 17, 2023, ahead of a critical week of earnings announcements.
- Shares of solar energy firms surged after First Solar inked a power module supply agreement with Energix Renewables.
- AT&T shares dropped close to a three-decade low following a downgrade by analysts.
The U.S. stock market experienced midday gains as investors prepared for a significant wave of corporate earnings this week. The Nasdaq increased by 0.7%, while the Dow Jones Industrial Average and S&P 500 posted moderate gains.
Solar energy stocks rallied strongly after First Solar (FSLR) secured a contract to provide power modules to Israeli developer Energix Renewables. Intel (INTC) was a standout performer in the Dow, climbing 2%, with other semiconductor stocks also rising. Shares of Apple (AAPL) and Tesla (TSLA) each advanced over 1%.
Ford Motor Company (F) shares declined following a price reduction for its popular F-150 Lightning electric pickup truck, with rival General Motors (GM) shares also slipping. AT&T (T) shares plunged to nearly a 30-year low due to an analyst downgrade, and Verizon Communications (VZ) shares also fell. Paramount Global (PARA) and Walt Disney (DIS) shares dropped after the new Mission: Impossible movie underperformed box office expectations, while the surprise hit Sound of Freedom ranked second in ticket sales.
Wheat futures initially surged after Russia terminated a grain export deal allowing Ukraine to ship through the Black Sea but later reversed and declined. Oil and gold futures also moved lower. The 10-year U.S. Treasury note yield remained mostly unchanged. The U.S. dollar strengthened against the British pound and Japanese yen but weakened versus the euro. Major cryptocurrencies traded lower.
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