Home / Business and Economy / Chip Stocks Surge as Earnings Season Kicks Off Amid Trade Deadline
Chip Stocks Surge as Earnings Season Kicks Off Amid Trade Deadline
30 Jul
Summary
- Markets await Trump's August 1 tariff deadline
- S&P 500 earnings on track to rise 4.5% in Q2
- Chip stocks rally after EU-US trade deal
The markets this week will be closely watching for any news on new trade deals before Friday's deadline set by President Trump. On Tuesday, the June JOLTS job openings and the Conference Board's US July consumer confidence index are expected. The 2-day FOMC meeting also begins on Tuesday, with the Fed expected to keep interest rates unchanged.
Wednesday will see the release of the July ADP employment change, Q2 GDP, and Q2 core PCE price index. On Thursday, initial weekly unemployment claims, Q2 employment cost index, June personal spending and income, and the June core PCE price index are all due.
The markets are awaiting President Trump's August 1 deadline for trade deals to avoid high tariffs. This week also kicks off the earnings season's busiest week, with 38% of S&P 500 companies reporting. Early results show that S&P 500 earnings are on track to rise 4.5% for the second quarter, better than pre-season expectations.
Chip stocks rallied on Monday after the EU and US reached a trade deal, which is expected to ease concerns about inflation. The markets will also be closely watching the Federal Reserve's policy decisions and the European Central Bank's stance on interest rates.
