S&P500 gains as investors await big tech earnings
S&P 500 jumped Monday, trading near fresh records as investors prepared for a string of key second-quarter earnings in the coming days, with some of Wall Street’s biggest firms set to report, News.az reports citing Investing.
At 12:57 p.m. ET, the benchmark S&P 500 rose 0.6%, the tech-heavy Nasdaq Composite had increased 0.7%, and the 30-stock Dow Jones Industrial Average had gained 239 points, or 0.5%.
Equities stalled near record highs on Friday as reports said President Donald Trump was pushing for a minimum 15% to 20% tariff on the European Union. Trump’s tariffs are set to take effect from August 1.
Tesla, Alphabet to headline earnings this week
Tech titans Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA) are set to highlight a large slate of earnings this week.
The two, who will report on Wednesday, are part of the so-called "Magnificent Seven" group of mega-cap tech stocks and are likely to provide trading cues for the broader market.
A host of strong bank earnings helped keep investor spirits high last week, even as several major lenders warned of heightened economic uncertainty because of Trump’s trade tariffs. Much of the focus will now center around the impact of the levies on the operating outlook for the year.
Key results on Monday came from telecoms group Verizon Communications (NYSE:VZ), which lifted the lower end of its annual earnings per share growth range thanks to solid demand for its higher-tier wireless plans.
Oil prices slip
Elsewhere, oil prices inched down, swayed by concerns over the impact of trade tensions on demand and the effect of European sanctions on Russian crude supplies.
Brent crude futures had dipped by 0.3% to $69.11 per barrel, while West Texas Intermediate crude futures fell by 0.2% to $65.88 a barrel by 11:13 AM ET.
Last week, the EU approved a fresh set of measures against Russia over the longstanding conflict in Ukraine. The latest package particularly targeted India’s Nayara Energy, which exports oil products refined from Russian crude.
Analysts at ING flagged that the market had a muted reaction to the sanctions, arguing that traders are "not convinced" by their effectiveness.
But they said: "The part of the package likely to have the biggest market impact is the EU imposing an import ban on refined oil products processed from Russian oil in third countries."
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