US market today: Wall Street edges up near record highs as earnings season kicks off, tariffs cast shadow
The S&P 500 rose 0.3% in early trade, hovering just above the record it set last Thursday. The Dow Jones Industrial Average added 52 points, or 0.1%, while the Nasdaq Composite climbed 0.4% to a new all-time high, AP reported.
Telecom giant Verizon Communications led the gains with a 3% jump after posting quarterly earnings and revenue ahead of analysts' expectations. The company also raised its full-year profit and financial forecasts.
That helped balance a 0.4% decline in Microsoft shares, which slipped after the company issued an emergency software patch to fix a critical SharePoint vulnerability that had been actively exploited by hackers, including against some federal agencies.
Block Inc, formerly Square and founded by Jack Dorsey, surged 6.7% after being announced as the newest entrant to the S&P 500 index. It will replace Hess Corp, which was acquired by Chevron, and begin trading in the index on Wednesday.
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Steelmaker Cleveland-Cliffs rallied 6.8% after reporting a narrower-than-expected quarterly loss. The company shipped a record 4.3 million net tons of steel in the spring quarter. CEO Lourenco Goncalves credited Trump-era tariffs for boosting domestic manufacturing, calling them a "positive impact" on the business. Cleveland-Cliffs is a major supplier to the auto sector, which benefits from domestic sourcing policies.
However, the broader market remains cautious. While tariffs may aid certain sectors, they are also pushing up import costs. Companies like General Motors, which reports results later this week, are grappling with the downside. Other key earnings due include Alphabet, Coca-Cola, and Tesla.
Many of Trump's proposed tariffs remain on hold, with the next major deadline set for August 1 as negotiations with trading partners continue.
Despite the mixed backdrop, early signs from the earnings season suggest resilience. Most companies have been beating Wall Street estimates, with Bank of America's Savita Subramanian noting potential 'encouraging undertones' from strong retail sales and rising travel demand, as reported by United Airlines.
In the bond market, yields dipped. The 10-year Treasury yield fell to 4.38% from 4.44% on Friday.
Global cues were mixed.
European indices edged lower after modest gains in Asian markets. Japan's markets were shut for a public holiday, following a political upset in Sunday's upper house elections.
Prime Minister Shigeru Ishiba's ruling Liberal Democratic Party lost its coalition majority in both houses of parliament for the first time since 1955. Ishiba, facing voter anger over inflation and instability, pledged to remain in office. Analysts expect his government to ramp up spending, adding to Japan's already high debt levels.
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