US stocks ended a mixed day on Monday, setting the stage for a bustling earnings season, especially with Big Tech in the spotlight. The Dow slipped slightly to 44,323.07, while the S&P 500 and Nasdaq edged up, reflecting an uneven market mood.
In sector news, communication services led gains with a 1.9% rise, and consumer discretionary along with materials also advanced. Conversely, energy and health stocks took a modest hit, highlighting a cautious investor sentiment.
Adding to the market buzz, US Commerce Secretary Howard Lutnick reaffirmed the August 1 deadline for new tariffs. At the same time, US Treasury Secretary Scott Bessent emphasized that the focus remains on the quality of deals, not just the speed of execution.
Investor confidence received a boost as earnings reports started rolling in. Sam Stovall, chief investment strategist at CFRA Research, remarked, "Rarely do you injure yourself falling out of a basement window. With expectations so low in earnings, I think that the end result will end up being better than anticipated," a comment that resonates with the market's cautious optimism.
So far, 62 S&P 500 companies have reported their earnings, and more than 85% have topped expectations, according to FactSet. Verizon Communications, for instance, saw its shares surge about 4% after posting strong second-quarter results. Meanwhile, major tech names such as Alphabet, Broadcom, Amazon, and Meta Platforms recorded notable gains, even as Tesla prepares to announce its figures on Wednesday.
This energetic earnings season promises more twists and turns in the market. Stay tuned as the week unfolds with more surprises and dynamic shifts! 🚀
Reference(s):
cgtn.com
