Advertisment
The S&P 500 moved higher on Monday as optimism around earnings overshadowed any investor fears over the latest developments in trade.
The Dow Jones Industrial Average gave back earlier gains and finished in the red 19.12 points to 44,323.07.
The much-broader index registered higher by 8.81 points to 6,305.60.
The NASDAQ Composite gained 78.52 points to 20,974.18, also a new closing record, bolstered by advances in major technology names like Meta Platforms and Amazon
This comes as earnings season is off to a strong start. Verizon shares popped 4% following a second-quarter earnings beat, spurring excitement that other reports will come in strong. It joins 62 S&P 500 companies that have reported thus far. Of those, more than 85% have topped expectations, according to FactSet data. Earnings for the second quarter are also tracking 5% year-over-year growth following the first week of results, per Bank of America.
Alphabet was a standout in the session, increasing more than 2% ahead of its quarterly results Wednesday after the bell. That name as well as Tesla — the first of the “Magnificent Seven” companies set to report — could boost the major averages if they manage to beat estimates. Shares of the electric vehicle maker ended the session marginally lower.
On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, though he also added that “nothing stops countries from talking to us after Aug. 1.”
This comes as earnings season is off to a strong start. Of the 62 S&P 500 companies that have reported thus far, more than 85% have topped expectations, according to FactSet data. Earnings for the second quarter are also tracking 5% year-over-year growth following the first week of results, per Bank of America.
Alphabet increased around 2%, while others like Meta Platforms and Apple advanced more than 1%.
Prices for the 10-year treasury climbed, weighing yields to 4.38% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices demurred 34 cents to $67.20 U.S. a barrel.
Gold prices boomed $51.30 to $3,409.60 U.S. an ounce.
