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Wall Street Rallies on Trade Deal Hopes as Earnings Season Kicks Off
21 Jul
Summary
- S&P 500 and Nasdaq reach new highs
- Investors optimistic about US-EU trade deal
- Major companies like Alphabet and Tesla to report earnings this week
Wall Street futures edged higher on Monday, as investors remained optimistic about the prospects of trade deals between the US and its key partners. The S&P 500 and Nasdaq reached new all-time highs last week, as investors largely overlooked President Trump's shifting tariff rhetoric and focused on stronger economic data and a solid start to the earnings season.
The blue-chip Dow index was just 1.64% away from its own record high. Of the 59 S&P 500 companies that have reported quarterly earnings so far, 81.4% have surpassed Wall Street's expectations, significantly higher than the long-term average of 67.1%.
Investors are now eagerly awaiting earnings reports from marquee companies like Alphabet and Tesla later this week, as they kick off the earnings season for the so-called "Magnificent Seven" stocks. These results could have a significant influence on the overall trajectory of the US stock market in the coming weeks.
