Stocks Tick Higher As Traders Await Big Tech Earnings, Eye Trade Developments

Tiger Newspress
07-21

U.S. stocks moved higher on Monday as investors tracked the latest developments in trade and awaited the start of big tech earnings this week.

The Dow Jones Industrial Average climbed 73 points, or 0.2%. The S&P 500 gained 0.2%, and the Nasdaq Composite advanced 0.3%.

Dynamix up 40%; Opendoor up 25%; Sequans up 11%; WeRide and Trump Media up 6%.

Trade was once again in focus as the White House reiterated its position on tariffs. 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.”

Wall Street is coming off a winning week for the S&P 500 and Nasdaq, both of which continued to notch all-time highs. The S&P 500 ended the week higher by 0.6%, while the Nasdaq climbed 1.5%. The Dow ended the week slightly lower.

The moves come 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.

The major averages could receive a boost in the week ahead if Alphabet and Tesla — the first of the so-called Magnificent Seven companies set to report — manage to beat estimates. The megacaps are expected to be a major driver of earnings growth during the second-quarter earnings season. FactSet’s John Butters expects the Magnificent Seven will post earnings growth of 14% in the second quarter, while the other 493 S&P 500 companies are seen posting growth of just 3.4%.

“We’re at an all time high for the [S&P 500] right at the beginning of earnings season,” said Mark Malek, investment chief at Siebert Financial, adding, “If we can get through this earnings season with not too many major failures, I think that is really, really important at this point, if we want to continue this upward momentum that we have in the market.”

On the economic front, the June reading for leading indicators, which are predictive metrics for the overall market and economy, is scheduled for release on Monday at 10 a.m. ET.

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