Earnings season is ramping up, with Verizon's results headlining this morning. The telecommunications company raised its annual earnings forecast, fueling a rally in its stock. Shares in Cleveland-Cliffs also gained after the steel producer said it expects to benefit from greater protectionism.

Stocks broadly rose Monday, after last week's earnings helped drive new market records. So far, results season has proved largely positive, with tariff-driven market volatility boosting profits at banks and brokerages.

Of the S&P 500 companies that had reported as of Friday, an above-average 83% posted higher-than-expected earnings per share, according to FactSet. This week, over 100 companies in the index are reporting, with Alphabet and Tesla kicking off results from the Magnificent Seven.

Meanwhile, investors are tracking tariff negotiations ahead of the Aug. 1 deadline. The European Union is getting ready to push back after the Trump administration pressed the bloc to accept levies in the range of 15% or more, The Wall Street Journal reported.

In recent trading:

--Stock indexes rose, led by the Nasdaq Composite. The tech-focused index notched a new intraday high, as did the S&P 500.

--Treasury prices gained, pushing yields on 10-year notes below 4.37%. Other sovereign bond yields mostly declined too.

--Japan's yen rallied against the dollar. Prime Minister Shigeru Ishiba pledged to stay on and try to strike a U.S. trade deal, after his ruling coalition suffered a significant loss in a parliamentary election.

--The euro strengthened against the greenback, while European stocks fell.

--Bitcoin rose toward $119,000. On Friday, Trump signed the landmark Genius Act, laying out standards for stablecoins.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

July 21, 2025 12:29 ET (16:29 GMT)

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