Stock markets opened the week with a slight rise as investors eagerly anticipated a flurry of corporate earnings releases. The S&P 500 and Nasdaq Composite closed at record highs, reflecting optimism about robust quarterly results from major companies. Despite concerns over tariffs, market participants are closely watching for trade deal updates ahead of the looming tariff deadline on August 1.
Commerce Secretary Howard Lutnick expressed confidence in trade negotiations, particularly with the European Union, as President Donald Trump pushes for import levies on numerous countries. Earnings reports drove market activity, with Verizon leading gains after posting strong results and raising its outlook. However, automaker Stellantis faced challenges, reporting a loss due to tariffs impacting profits.
The upcoming week promises a flurry of earnings announcements, with tech giants like Tesla and Alphabet scheduled to report results. Mega-cap technology stocks, including Alphabet and Amazon, saw gains at the start of the week. Block shares surged as the digital payments provider prepares to join the S&P 500 on Wednesday, replacing Hess.
Gold prices reached a one-month high, with Newmont Mining and Barrick Mining seeing gains. Bitcoin experienced fluctuations, hovering around $117,300, influenced by legislative developments aimed at mainstreaming cryptocurrencies. Treasury yields and the U.S. dollar index both showed minor declines, while West Texas Intermediate crude oil futures slipped to $67.10 per barrel.
In other news, Opendoor Technologies saw a significant surge in its stock price as retail investors rallied behind the company. Charles Schwab expanded trading hours for retail investors, offering access to a wider range of securities outside normal market hours. Trump Media & Technology Group made headlines for amassing a substantial amount of bitcoin holdings, signaling a strategic shift in American crypto policy.
Sarepta Therapeutics faced challenges as it rejected an FDA request to withdraw its muscular dystrophy treatment, Elevidys. Stellantis reported a net loss due to tariffs and restructuring costs, while Domino’s Pizza saw a rise in same-store sales. Verizon shares soared on strong earnings, and Intel’s upcoming earnings report is anticipated as the chipmaker navigates strategic shifts under new leadership.
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