S&P 500, Nasdaq Hit Fresh Record Highs With Tech Earnings, Trade Talks in Focus
Synopsis
The Dow Jones Industrial Average also gained 0.36%, but was trading 1.2% lower than its record high of 45,073 seen in December last year.
The Nasdaq 100 and the S&P 500 reached new record highs on Monday as investors prepared for a week of tech earnings and remained optimistic that additional trade deals would be finalized ahead of the Trump administration's August 1 deadline.
At the time of writing, the S&P 500 (SPX) gained 0.56% to touch an all-time high of 6,332.35,, and the Nasdaq 100 had climbed 0.76% to touch 23,241. The Dow Jones Industrial Average (DJI) also gained 0.36%, but was trading 1.2% lower than its record high of 45,073 seen in December last year.
The SPDR S&P 500 ETF (SPY) was up 0.5% in morning trade, and the Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, rose 0.77%. On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory as compared to a day ago. Retail sentiment around QQQ improved within the ‘bullish’ zone.
The market was buoyed by Verizon’s (VZ) stock rising 2.2% after the company raised its annual profit guidance during its second-quarter earnings. The stock drove overall gains for the communications sector – the top gainer among other sectors – with the Communication Services Select Sector SPDR Fund (XLC) climbing 1.21% on Monday.
Shares of Domino’s Pizza (DPZ) also gained 2% after the pizza chain beat Wall Street expectations on same-store sales in the second quarter (Q2).
Retail investors are hopeful that trade talks will progress this week after U.S. Commerce Secretary Howard Lutnick expressed confidence over striking a trade deal with the EU on Sunday.
U.S. Treasury Secretary Scott Bessent, however, said that the U.S. is “not going to rush” into closing a deal ahead of the August 1 deadline. He also stated that any extension of the deadline is in President Donald Trump’s hands.
Investors are also eyeing the earnings of Alphabet (GOOG/GOOGL) and Tesla (TSLA), scheduled for Wednesday, which will kick off the sequence of "Magnificent Seven" (MAGS) earnings. Alphabet’s stock was up 2.2% in morning trade, while Tesla’s stock edged 0.17% lower.
Read also: Scott Bessent Says US ‘Not Going To Rush’ Into Deal Ahead of August Tariff Deadline, Signals China Talks In ‘Near Future’
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.