S&P 500, NASDAQ closes record highs in trade deal hopes
All three major US stock indexes recorded weekly profits, confirming that the technological Nasdaq has entered the bull market since the trough on March 8th “liberation day” .
US stock futures have been largely unchanged as investors await more revenue reports.
The Broad S&P 500 and Tech Heavy Nasdaq scored record highs to start the week amid solid revenue reports from Domino’s pizza, Cleveland-Cliffs and Verizon.
Of the over 60 S&P 500 companies reported, more than 85% of the topping analyst estimates reported, according to FactSet data. According to LSEG I/B/E/s, analysts expected on average S&P 500 companies to report a 6.7% increase in second quarter revenue.
Philip Morris International, Coca-Cola and Lockheed Martin are among those who are planning to report before the market opens. However, if Tesla and the Alphabet report results, the main event is mid-week. Investors are keen to analyse revenue reports for signs of how President Donald Trump’s tariffs have hit the economy and corporate spending.
At 6am ET, futures linked to the Blue Chip Dow were at 0%, while S&P 500 futures slipped at -0.11%, while Nasdaq futures fell by -0.27%.
Federal Reserve Chairman Jerome Powell will also speak at a meeting in Washington, D.C. as the stock market opens.
Corporate News
- Goldman Sachs held talks earlier this year on a $25 billion acquisition of wealth management company Northern Trust, and nearly signed a $6 billion deal for Cliffwater, Semafor reported.
- NXP Semiconductor’s second quarter results outperformed analysts’ forecasts.
- Steel Dynamics’ second quarter results missed expectations.
- Zions Bancorp reported second quarter earnings per share above Wall Street estimates.
- Sarepta Therapeutics said it would suspend all shipments of elevedi gene therapy in the United States after a muscular dystrophy patient who received another experimental treatment died. Initially, the company refused to do so after the FDA’s request.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
