Stocks gain with copper on stimulus bets; soybeans set record

Earnings Season

Earnings have exceeded analyst forecasts at 70 percent of the 99 companies in the S&P 500 that have reported results this month, according to data compiled by Bloomberg. Profits are little changed for the group and projected to have decreased 2.1 percent for the entire index in the second quarter, which would mark the first year-over-year decrease since 2009.

The Conference Board’s gauge of the U.S. economic outlook for the next three to six months fell 0.1 percent in June, according to the median estimate in a Bloomberg survey of 49 economists.

Other data are forecast to show sales of previously owned U.S. homes climbed 1.5 percent in June, and manufacturing in the Philadelphia region shrank at a slower pace this month.

Three-month copper traded at $7,790 a metric ton on the London Metal Exchange, rising for a second day.

Oil Rises

Oil rose for a seventh day, the longest rally since February, as U.S. gasoline stockpiles unexpectedly declined. Futures climbed as much as 1.5 percent to a seven-week high of $91.25 a barrel in New York. Gasoline supplies fell by 1.8 million barrels, according to an Energy Department report. They were forecast to rise by 1.2 million barrels, according to a Bloomberg survey.

United Nations Certified Emission Reduction offsets for December dropped as much as 4.7 percent to a record 2.83 euros a metric ton on the ICE Futures Europe exchange in London as European Union officials struggle to cope with an oversupply of carbon permits.

Grains and oilseeds helped lead commodities higher as the worst U.S. drought since 1956 curbed crop prospects for the world’s biggest producer. More than half of the contiguous U.S. states were in moderate to extreme drought at the end of June, the highest percentage since December 1956, according to the National Climatic Data Center.

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