US stocks rise as markets weigh earnings optimism
Wall Street stocks largely rose on Monday as markets look ahead to a heavy week of earnings reports following last week's overall solid results. File photo: AFP
The S&P 500 and the Nasdaq notched record high closes on Monday, lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration's global tariffs.
Google-parent Alphabet rallied 2.7 percent ahead of its quarterly report on Wednesday.
It and Tesla, also reporting on Wednesday, kick off earnings from the so-called "Magnificent Seven", and their results may set the tone for other heavyweight companies reporting in the next several days.
Tesla dipped 0.35 percent, while Apple gained 0.62 percent and Amazon rose 1.43 percent, both lifting the S&P 500 and Nasdaq.
Verizon rallied over 4 percent after the telecommunications company boosted its annual profit forecast.
With US President Donald Trump's August 1 tariff deadline approaching, Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the European Union, even as EU members explored possible countermeasures against the United States.
Trump has threatened 30 percent tariffs on imports from Mexico and the EU, and sent letters to other trading partners, including Canada, Japan and Brazil, setting tariffs ranging from 20 percent to 50 percent.
The S&P 500 climbed 0.14 percent to end the session at 6,305 points.
The Nasdaq gained 0.38 percent to 20,974 points, while the Dow Jones Industrial Average declined 0.04 percent to 44,323 points. (Reuters)
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