- S&P 500 rises for third straight day on Wednesday.
- Upbeat data from US revive hopes of strong recovery.
- FedEx shares post strong gains on better-than-expected quarterly revenue figures.
The S&P 500 Index (SPX) is looking to extend its winning streak into a third straight day on Wednesday with the upbeat macroeconomic data from the US boosting the risk appetite. As of writing, the SPX was up 0.57% on the day at 3,118.
Earlier in the day, the ADP’s monthly report showed that the private sector employment in the US increased by 2.36 million in June. Additionally, the Markit Manufacturing PMI rose by 10 points to 49.8 in June and posted its biggest monthly increase. Finally, the ISM Manufacturing PMI improved to 52.6 from 43.1 in May to show that the business activity expanded in June.
S&P 500 top movers
After the closing bell on Tuesday, FedEx Corp (FDX) reported that the company’s revenues fell to $17.4 billion from $17.8 billion a year earlier for the quarter ended May 31. However, this figure came in better than the market expectation of $16.4 billion and triggered a bullish wave. As of writing, FDX was up 11.9% on the day at $156.90.
Meanwhile, Pfizer Inc (PFE) shares are up 4.8% on the day at $34.27 after BioNTech announced that they have received positive results from the first human trials of the COVID-19 vaccine that they co-developed with Pfizer.
On the other hand, Cimarex Energy Co (XEC) and Lincoln National Corp (LNC) shares are losing more than 5% as the top-decliners of the day.
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