The S&P; 500, which has gained just 0.48% for the year, significantly lags the Nasdaq's 22.7% surge, which is set to rise even higher following blowout earnings from Apple, Amazon, Facebook and Google.
The Dunhill and Lucky Strike cigarette maker said consumption in the United States was "resilient" with the company increasing its share of the U.S. cigarette market by 30 basis points in the first half of the year. Newport and Natural American Spirit cigarettes were among the top performers in the United States, Chief Marketing Officer Kingsley Wheaton said, adding that revenue from e-cigarettes such as Vuse grew 75% in the first half. Investors have kept a close eye on the United States, where BAT makes about 50% of its total profits before taxes from cigarettes.
Fed Chair Jerome Powell put the coronavirus pandemic at the center of the FOMC's monetary policy stance, warning that recent data indicates a weakening recovery and fading consumer confidence.