Stocks Hover Near Record High as Earnings in Sight
Stocks kicked off the week on a note of optimism as investors looked ahead to corporate results for further vindication of soft economic landing bets.
The S&P 500 climbed toward a fresh all-time high, which would be its 46th this year. Tesla Inc. bounced back after last week’s 13% plunge. Apple Inc. climbed on a bullish analyst call and Nvidia Corp. led gains in chipmakers. Treasury cash trading is closed Monday for a US holiday. Oil declined after China’s highly anticipated Finance Ministry briefing on Saturday lacked new incentives to boost consumption in the biggest importer.
Earnings season unofficially started on Friday, led by financial bellwethers. More key companies will deliver results this week, including Goldman Sachs Group Inc., Netflix Inc. and JB Hunt Transport Services Inc. Strategists are predicting that companies in the S&P 500 will post their weakest results in the past four quarters, with just a 4.3% increase compared with a year ago, Bloomberg Intelligence data show. In mid-June, projections were for an 8.4% rise, and in the second quarter growth soared to 14%.
The S&P 500 rose 0.3% as of 9:31 a.m. New York time
The Nasdaq 100 rose 0.5%
The Dow Jones Industrial Average fell 0.2%
Source : Bloomberg
