logo
S&P 500 and Nasdaq hit record highs, lifted by Alphabet

S&P 500 and Nasdaq hit record highs, lifted by Alphabet

CNA3 days ago
The S&P 500 and the Nasdaq hit record highs 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 over 2 per cent 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 traded near flat, while Apple and Amazon each rose about 1 per cent.
Verizon rallied 5 per cent after the telecommunications company boosted its annual profit forecast.
Analysts on average expected S&P 500 companies to report a 6.7 per cent increase in earnings for the second quarter, with Big Tech driving much of that gain, according to LSEG I/B/E/S.
"So far, companies that have reported have, in general, met or beat guidance from the prior quarter, and we haven't seen any degradation either in corporate profits or consumer spending," said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis.
With U.S. President Donald Trump's August 1 tariff deadline approaching, the S&P 500 is up about 8 per cent year to date, with investors betting the economic damage from tariffs will be less than feared.
U.S. 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 counter-measures against the United States.
Trump has threatened 30 per cent 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 per cent to 50 per cent.
The S&P 500 was up 0.56 per cent at 6,332.05 points.
The Nasdaq gained 0.73 per cent to 21,048.31 points, while the Dow Jones Industrial Average was up 0.49 per cent at 44,560.36 points.
Nine of the 11 S&P 500 sector indexes rose, led by communication services, up 1.93 per cent, followed by a 1.27 per cent gain in materials.
Investors focused on how tariff uncertainty is impacting the U.S. economy will scrutinize jobless claims data and the July business activity report, expected on Thursday.
They will also watch a speech by Federal Reserve Chair Jerome Powell on Tuesday for clues about when the Fed might cut interest rates, especially after mixed inflation signals last week.
Traders have largely ruled out a July rate cut, and they now see a greater than 50 per cent chance the Fed will cut by its September meeting, according to CME Group's FedWatch tool.
Advancing issues outnumbered falling ones within the S&P 500 by a 1.7-to-one ratio.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump says he wants Musk and his companies to thrive in US
Trump says he wants Musk and his companies to thrive in US

Straits Times

timean hour ago

  • Straits Times

Trump says he wants Musk and his companies to thrive in US

Find out what's new on ST website and app. Mr Musk (left) spent more than a quarter of a billion dollars to help Mr Trump win November's presidential election. WASHINGTON - US President Donald Trump said on July 24 he would not destroy Mr Elon Musk's companies by taking away federal subsidies and said he wants the billionaire entrepreneur's businesses to thrive. 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the US Government. This is not so!,' Mr Trump said in a social media post. 'I want Elon, and all businesses within our Country, to THRIVE.' The statement follows Mr Musk's warning to Tesla investors on July 23 that US government cuts in support for electric vehicle makers could lead to a 'few rough quarters' for the company. Mr Musk spent more than a quarter of a billion dollars to help Mr Trump win November's presidential election and led the Department of Government Efficiency's chaotic effort to slash the budget and cut the federal workforce. The Tesla CEO left the administration in late May to refocus on his tech empire. Mr Trump and Mr Musk fell out shortly afterwards when Mr Musk openly denounced the Republican president's tax-cut and spending Bill, leading to threats by Mr Trump to cancel billions of dollars worth of federal government contracts with Mr Musk's companies. REUTERS Top stories Swipe. Select. Stay informed. Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Asia Live: People evacuated from border regions amid deadly Thailand-Cambodia clash Singapore Technology can help efforts to shift healthcare delivery towards the community: Ong Ye Kung Singapore Mice industry will need more manpower in sectors like technology, sustainability: Alvin Tan Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore Mindef to set up new volunteer management unit to grow volunteer pool Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B

Video-sharing app Vine is returning 'in AI form', Musk says
Video-sharing app Vine is returning 'in AI form', Musk says

CNA

timean hour ago

  • CNA

Video-sharing app Vine is returning 'in AI form', Musk says

Elon Musk's social media company X is bringing back popular video-sharing platform Vine in "AI form", the billionaire tech-entrepreneur said on Thursday, almost nine years after the app was discontinued. Musk made the announcement in a post on X, formerly Twitter, but did not provide further details. X did not immediately respond to a Reuters request seeking more information on the reboot. The Tesla CEO has previously hinted at reviving Vine multiple times since he acquired Twitter in 2022, including posting public polls on X about bringing back the short-form video app that was popular in the 2010s. Twitter introduced Vine in January 2013, allowing users to share small snippets of video that were six seconds or less, with the app quickly gaining popularity among video bloggers and attracting millions of followers. In late 2016, Twitter announced it would discontinue the app. The six-second long video format could work favorably for AI-generated content, as most AI video generation tools available currently typically generate short-form content while longer video clips come with increased costs.

Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel
Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel

CNA

timean hour ago

  • CNA

Jones Lang LaSalle exits advisory role in sale of New York's Roosevelt Hotel

KARACHI, Pakistan :Global real estate firm Jones Lang LaSalle (JLL) has quit its role as financial adviser on the partial sale of the Roosevelt Hotel in New York City, which is owned by Pakistan International Airlines, to avoid client conflict of interest, Pakistan said on Thursday. Pakistan is selling a minority stake in the hotel and looking for a redevelopment partner as it disposes of certain state assets under a privatisation programme agreed under a $7 billion IMF-backed reform plan. "The heightened interest in Roosevelt Hotel from many of JLL's own clients, post cancellation of its lease agreement with NYC, has put them in a compromising position,' Pakistan's Privatization Commission said in a statement, adding the firm resigned to avoid any 'perceived or actual' conflict of interest. JLL's exit will not derail the stake sale and a new adviser will be hired "on a fast track basis", the Commission said. Earlier this month, a senior official told Reuters that Pakistan is eyeing at least a $1 billion valuation and is ready to part with a minority stake in the property as it scouts for a redevelopment partner. The Roosevelt Hotel, a century-old property named after former U.S. President Theodore Roosevelt near New York's Grand Central Station, is one of Pakistan's top foreign assets. It is up for sale alongside power distribution companies in Pakistan and other state firms including PIA. The hotel was shut in 2020 due to losses and later leased to New York City as a migrant shelter. That lease ended earlier this year, and the property now sits vacant.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store